Economic theory, expertise, decision-makers, organisation, company, economic loopholes, EU european union, political issues, organisation's actions
The use of economic theories can give rise to interpretations, depending on one's ideas, but also to biases that need to be taken into account. For example, the economics of nudge developed by Robert Thaler demonstrates that an economic theory does not necessarily have to be applicable. However, Keynes' portrait seems to be too reductive, as it does not provide a true vision of the economic issues that an organisation needs to address. In a company, or within an economic zone, economic theories help to guide the actions of economic agents, in particular by responding to their needs or identifying economic loopholes.
[...] However, as the quotation from John-Maynard Keynes refers to, the economist must not replace the political decision-maker. The ideas of economists, particularly on the European level, should help to find the optimum conditions for the market to function, and not guide towards a political choice that does not belong to the politician. Finally, John-Maynard Keynes's sentence highlights the ambivalence of economics, since it is both a potential faculty for understanding the activity of economic agents, but its theories are sometimes supported by ideas. [...]
[...] (2018). The economics of John Maynard Keynes: the theory of a monetary economy. Pickle Partners Publishing. Godechot, O. (2000). Le bazar de la rationalité. Vers une sociologie des formes concrètes de raisonnement. Politix. Revue des sciences sociales du politique, 13(52), 17-56. Mundell, R. A. [...]
[...] The question arises, but there are no legitimate answers. In these situations, the debate must take precedence, with the economist playing a major role: that of expert and political adviser. As was the case with John-Maynard Keynes, the economist must be an expert adviser who does not enter into political debates. His ideas should only be the fruit of an economic will. In this way, we can take the example of the English economist who put his ideas at the service of politics, notably by becoming an economic adviser throughout his life. [...]
[...] In the wake of the Great Depression, a number of economic ideas came to the fore, and the convictions of individual decision-makers and theorists played an important role in political and economic discourse. According to the English economist, this issue must be taken into account; it is everyone's primary motivation. In this sense, John-Maynard Keynes's quotation is part of a particular historical and economic context, since his aim was to demonstrate that political ideas, and also economic ideas, can have limits that must be understood. [...]
[...] Understanding the economy cannot therefore be done without taking this issue into account, as it sometimes determines the actions of individuals and the choices they make. For example, within a public administration, individuals and politicians may make choices not for reasons that are rational from an economic point of view, but rather for purely political reasons (Tullock & al., 2022). In this sense, it seems possible to agree with John-Maynard Keynes in the quotation highlighted above. Economic theory has repeatedly demonstrated the existence of a link between political conviction and economic action. Ideas are sometimes stronger than economic theory. [...]
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