{"id":6579,"date":"2023-12-13T11:27:31","date_gmt":"2023-12-13T10:27:31","guid":{"rendered":"https:\/\/lecercledeseconomistes.fr\/articles\/%cat-post-theme%\/ricardo-at-the-heart-of-the-current-economic-debate\/"},"modified":"2024-04-17T12:37:12","modified_gmt":"2024-04-17T10:37:12","slug":"ricardo-at-the-heart-of-the-current-economic-debate","status":"publish","type":"blog","link":"https:\/\/lecercledeseconomistes.fr\/en\/articles\/finance-en\/ricardo-at-the-heart-of-the-current-economic-debate\/","title":{"rendered":"Ricardo at the heart of the current economic debate"},"content":{"rendered":"\n<div class=\"wp-block-group section-content-layout-without-cover is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"block--post-meta\" >\n\n    <ul class=\"block--post-meta-list\">\n\n        \n            <li>\n                <p class=\"style-p-secondary-bold\">date<\/p>\n                <time datetime=\"2023-12-13T11:27:31+01:00\"class=\"style-p-secondary-normal\">13 d\u00e9cembre 2023<\/time>\n            <\/li>\n\n            <li>\n                <p class=\"style-p-secondary-bold\">update<\/p>\n                <time datetime=\"2024-04-17T12:37:12+02:00\" class=\"style-p-secondary-normal\">17 avril 2024 \u00e0 12:37<\/time>\n            <\/li>\n\n            \n            <li>\n                <p class=\"style-p-secondary-bold\">author<\/p>\n\n                <div class=\"container__authors\">\n\n                    \n                        <a class=\"style-p-secondary-normal\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/presentation\/members-and-authors\/members\/jean-herve-lorenzi\/\">Jean-Herv\u00e9 Lorenzi<\/a>\n                     \n                    \n                        <a class=\"style-p-secondary-normal\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/presentation\/members-and-authors\/authors\/alain-villemeur\/\">Alain Villemeur<\/a>\n                     \n                    \n                <\/div>\n            <\/li>\n            \n        \n            \n            \n            \n\n            \n                <li>\n                    <p class=\"style-p-secondary-bold\">reading time<\/p>\n                                        <p class=\"style-p-secondary-normal\">2 minutes<\/p> \n                <\/li>\n\n            \n\n        \n        \n    <\/ul>\n\n    \n        \n        <div class=\"container-post-social-share\">\n\n            \n<div class=\"block--post-social-share\" >\n\n    \n    <ul class=\"container-socials\">\n\n        <li>\n            <a 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13.2129C14.805 13.1391 14.6129 13.1018 14.4189 13.1032C14.005 13.0978 13.6058 13.2566 13.3086 13.5448C13.0114 13.833 12.8404 14.2272 12.833 14.6412C12.816 15.8412 12.8332 17.0412 12.8252 18.2482C12.8252 18.7912 12.8952 18.7332 12.3252 18.7362C11.7552 18.7392 11.1838 18.7362 10.5918 18.7362V11.1462H12.8198V12.1112C12.9688 11.9552 13.0519 11.8742 13.1279 11.7882C14.1279 10.6732 17.1092 10.5882 17.9092 12.5482C18.0427 12.863 18.1176 13.1994 18.1309 13.5412Z\" fill=\"#5B5B5B\"\/>\n<path class=\"three\"d=\"M8.09164 7.27812C8.36496 7.27255 8.63415 7.34853 8.86411 7.49635C9.09406 7.64417 9.27472 7.85713 9.38315 8.10808C9.49157 8.35903 9.52247 8.63659 9.4725 8.90535C9.42253 9.17412 9.29376 9.4219 9.10239 9.61711C8.91101 9.81232 8.66601 9.94611 8.39829 10.0014C8.13056 10.0567 7.85251 10.031 7.59946 9.92755C7.34641 9.82413 7.12974 9.64767 6.97739 9.42069C6.82504 9.19371 6.74385 8.92649 6.74399 8.65312C6.73999 8.47373 6.77175 8.29535 6.83774 8.12849C6.90373 7.96163 7.00265 7.80966 7.12827 7.68153C7.25388 7.5534 7.40367 7.4517 7.56918 7.38242C7.7347 7.31314 7.91221 7.27767 8.09164 7.27812Z\" fill=\"#5B5B5B\"\/>\n<path class=\"four\"d=\"M9.22314 11.1509V18.7169H7V11.1509H9.22314Z\" fill=\"#5B5B5B\"\/>\n<\/svg>            <\/a>\n\n        <\/li>\n        \n<\/ul>\n\n  \n    \n    \n<\/div>\n        <\/div>\n\n\n        \n\n<\/div>\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"232\" src=\"https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/12\/Banniere-Site-Cercle-101-1024x232.png\" alt=\"\" class=\"wp-image-3533\" style=\"aspect-ratio:3\/4;object-fit:cover\" srcset=\"https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/12\/Banniere-Site-Cercle-101-1024x232.png 1024w, https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/12\/Banniere-Site-Cercle-101-300x68.png 300w, https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/12\/Banniere-Site-Cercle-101-768x174.png 768w, https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/12\/Banniere-Site-Cercle-101.png 1480w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h2 class=\"wp-block-heading\">The optimal distribution of added value exists and it is 2\/3 wages against 1\/3 profits according to economists Jean-Herv\u00e9 Lorenzi and Alain Villemeur.<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The distribution of income is a major problem in economics, David Ricardo considered as early as 1817. In fact, Ricardo was also greatly influenced by Adam Smith who, as early as 1776, noted that the Dutch had better wages than the English, that the profits of their companies were lower, but that the Dutch economy was more dynamic than the English economy. Already, English profits were not trickling down to the economy!<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">David Ricardo is the driving force behind our work to determine the optimal allocation between labour and capital income for economic growth that is satisfactory in many respects. This is, of course, the basis for any reflection on the distribution of desirable value.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Robust and job-rich growth<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The optimal distribution of value added is 2\/3 for wages and therefore 1\/3 for profits, as it promotes job-rich and robust growth. We are a long way from this in our advanced economies, because the distribution has changed profoundly in favour of profit over the past several decades while economic growth has continued to decline, which can only lead to significant questioning.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The demonstration, which is based on a neo-Ricardian model, is based on a new vision of growth and distribution reconciling the structuring ideas of Schumpeter (creative destruction), Keynes (the role of effective demand), through three equations, but also Ricardo (income sharing), through three other equations. The result is confirmed by an analysis of the macroeconomic trajectories of the 17 advanced economies studied since the post-war boom.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Rising Profits<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">It is therefore understandable that the United States was a remarkable machine for creating jobs from 1875 until the 1990s, while experiencing a share of profits of about 1\/3, relatively stable despite the many crises and industrial revolutions that have followed one another! In the 2000s, the United States broke with this 175-year-old rule and economic growth slowed down sharply.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Japan has been experiencing economic stagnation since the stock market crash of 1991, while massive stimulus has led to considerable debt, accompanied by excessive profits of around 39%, the wage bill having never been so low in more than 60 years!<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">For Europe and the eurozone, we are very far from the optimal distribution since the 2008 crisis, with profits having the lion&#8217;s share at around 37-38%.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">French trompe l&#8217;oeil<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">France follows this general evolution with a share of profit rising from 27% during the Thirty Glorious Years to 36% before the financial crisis of 2008, but unlike the other countries, this share then declines to return to a seemingly ideal distribution of 33%. In reality, behind this average, there are large disparities between large and small companies, especially those in the CAC 40 where the share of profit reaches the very high value of 44%. This is a far cry from the ideal distribution!<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">This new paradigm of distribution leads to a major law, that of an optimal share of wages of 2\/3. It must be implemented to overcome climate change, an ageing population and the unstoppable rise in inequality.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, all this is not easy to implement, but it is by moving closer to this &#8220;golden rule&#8221; that we will be able to face the multiple transitions that the world must face.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":3534,"parent":0,"template":"wp-custom-template-single-post-livre","cat-post-theme":[137],"cat-post-type":[143],"cat-blog-event-media-type-serie":[],"class_list":["post-6579","blog","type-blog","status-publish","has-post-thumbnail","hentry","cat-post-theme-finance-en","cat-post-type-book"],"acf":{"is_featured_post":false,"display_twitter_hastags":false,"twitter_hastags":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ricardo at the heart of the current economic debate - Le cercle des \u00e9conomistes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/articles\/finance-en\/ricardo-at-the-heart-of-the-current-economic-debate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ricardo at the heart of the current economic debate - Le cercle des \u00e9conomistes\" \/>\n<meta property=\"og:description\" content=\"The optimal distribution of added value exists and it is 2\/3 wages against 1\/3 profits according to economists Jean-Herv\u00e9 Lorenzi and Alain Villemeur. 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