The Contribution of Political Economy in the Face of the Current Crises
Résumé
Political economics is a social science that has been developed over the
centuries by the most famous authors such as Adam Smith, Karl Marx, Alfred
Marshall and Maynard Keynes. The so-called "classical" school of thought
was historically built in opposition to the hyper-regulation of society, but to
convince public opinion, its supporters often adopt a dogmatic approach. The
perfect balance between supply and demand illustrated by the "law of
opportunities" is a simple accounting equality, not an economic equilibrium.
Crises, inequalities and unemployment bear witness to this and the
inadequacies of regulatory policies are numerous. The difficulties of
regulatory strategies are mainly due to the differences in approach to the
problems to be solved - more interventionist approaches for some, more
liberal approaches for others. As recommended by Esther Duflo, Nobel Prize
in Economics in 2019, it is necessary to know the causes of these differences
before attempting to upset or marginalise them by playing on the balance of
power, which is why it is so important to resort to a decision-making
consensus.