Publications
FR/ Dans Économie politique et philosophie chez Steuart et Hegel (1963), Paul Chamley examine l’intérêt que Hegel prit tôt pour l’économie. Il le rapporte à l’influence sur Hegel de la lecture, à Francfort, de l’Enquête publiée par James Steuart, ouvrage (aujourd’hui trop négligé) qui précéda La Richesse des nations d’Adam Smith. Quels thèmes majeurs Hegel y puisa-t-il ? Existe-t-il d’ailleurs une « économie hégélienne » per se ? Les notions hégéliennes en ce domaine sont-elles d’un bloc ? Outre l’effet du livre de Steuart, s’exercèrent les influences du caméralisme germanique traditionnel et du classicisme britannique naissant. Il faut donc montrer plus de circonspection que Chamley n’en eut et cet essai réévalue les vues de Hegel sur l’économie dans son époque.
EN/ In Économie politique et philosophie chez Steuart et Hegel (1963), Paul Chamley examined Hegel’s interest in economics. Chamley stressed the influence on Hegel of reading Sir James Steuart’s An Inquiry into the Principles of Political Economy, a major work (too overlooked today) that preceded Adam Smith’s Wealth of Nations. Now, is there such a thing as “Hegelian economics?” If so, what are its themes and is it fully consistent, or should one consider, besides the influence of Steuart, that of a body of traditional German Cameralist writings as well as that of incipient British classicism? This essay reevaluates Hegelian views on economics with regard to the knowledge that Hegel drew from economics in his time
Background:
In France, Health Regional Agencies (HRA) have to elaborate a Public Health Plan for the 5 coming years. For estimating future population health needs and associated costs to adapt the health services on the regional territory, the HRA in southeastern France requested a prospective analysis, based on demographic and epidemiologic scenarios about major chronic diseases, to evaluate future trends.
Methods:
Six chronic diseases were selected: diabetes (1 or 2), cardiovascular diseases, respiratory diseases, cancers, neurological diseases and dementia. We used medico-administrative data from the National health insurance fund, and adapted algorithms to identify people with these diseases. We calculated prevalence rates according to gender and age and used two alternative scenarios (a constant one, and a trend-based one) to estimate the number of people with chronic diseases in 2023 and 2028, starting in 2016. We also estimated future healthcare costs according a constant and a trend-based scenario.
Results:
The algorithms detect reasonable rates of disease compared to official rates available for 2016. Due to demographic (ageing) and/or epidemiologic trends, the number of people with chronic diseases will highly increase during the next ten years in the South of France region. For instance, between 2016 and 2028, there will be from 15% to 20% more people with diabetes. Associated costs will also be higher (+33% between 2016 and 2028), especially those granted to nursing care (+40%).
Conclusions:
Burden of diseases and health expenditures are going to increase in the future. Projections are needed to help policymakers anticipating the required health services adaptation. Medico-administrative database are an invaluable source of data to do so. The next step of this project will consist in estimating those trends for smaller geographical areas.
Standard results about portfolio optimization suggest that the allocation to real estate in a mixed-asset portfolio should be around 15–20%. However, the institutional investors share in real estate is significantly smaller, around 7–9%. Many researches have addressed this point even if as of today no consensus has emerged. In this paper, we built-up an allocation model that can explain the empirical observed weights. For this purpose, we account for the term structure of all standard financial assets and also of real estate asset class (expected returns, volatilities and correlations depending on the time to maturity). We propose a dynamic portfolio optimization model that allows analyzing portfolio weights with respect to the whole term structure modelling, due to its tractability and its good fit when being adequately calibrated. In this framework, we provide explicit and operational solutions to the dynamic mixed-asset portfolio allocation (cash, real estate, stock and bond). The results show that accounting for investment horizon and mean-reverting dynamics allows to better examine how portfolio allocations depend on both risk aversion and investment horizon.
This analysis proposes new measures of rent creation and rent sharing and assesses their impact on productivity on cross‐country‐industry panel data. We find first that: (1) anticompetitive product market regulations positively affect rent creation and (2) employment protection legislation boosts hourly wages, particularly for low‐skill workers. However, we find no significant impact of this employment legislation on rent sharing, as the hourly wage increases are offset by a negative impact on hours worked. Second, using regulation indicators as instruments, we find that rent creation and rent sharing both have a substantial negative impact on total factor productivity. (JEL E22, E24, O30, L50, O43, O47, C23)
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This paper aims at quantifying the effect of healthcare programs on economic outcomes in the context of developing countries experiencing epidemiological transitions. It is widely accepted in the literature that treatment programs result in production gains among ill-health workers. However, these programs have the additional effect of modifying both the size and the composition of the working population by increasing the proportion of chronically-ill individuals. First, we define the theoretical conditions under which this macro-epidemiological phenomenon outweighs the positive effect of an increase in production. Second, we decompose the economic consequences of access to antiretroviral treatments against HIV in three sub-Saharan African countries. Forecasts of an individual’s health status, depending on whether he or she has access to medication, are generated using a microsimulation model. We use the model to generate a counterfactual (as if the adverse epidemiological effect did not exist), which allows decomposing the total impact of the HIV-medicines program into two different effects: positive and negative. We find that the positive effect of treatment procurement outweighs the negative epidemiological effect. Of course, this approach is only an indicator of economic performance and should in no way constitute a decision-making criterion about the ethical necessity of access to health care.
This paper is about a little known part of Allais’ oeuvre, namely his restatement of the quantity theory of money. It shows that this restatement contains an original refinement of the notion of stability of the relative demand for money. To explain this refinement, this essay investigates Allais’ concept of psychological time – a concept strongly emphasised but not duly examined by most of his commentators. It shows how Allais’ restatement of the quantity theory amounts – in the final analysis – to a theory of time. It explores an analogy, Allais mentioned, between his quantity theory and the theory of relativity in physics, revealing thereby the ontological nature of this restatement.
Over the period 1994–2012, immigrants’ wage growth in France outperformed that of natives. We investigate to what extent changes in task-specific returns to skills contributed to this wage dynamics differential through two channels: changes in the valuation of skills (price effect) and occupational sorting (quantity effect). We find that the wage growth premium of immigrants is mainly explained by the progressive reallocation of immigrants toward tasks whose returns increase over time. Immigrants seem to have taken advantage of labor demand restructuring driven by globalization and technological changes.
We examine the problem of providing a non-rival and excludable public good to individuals with the same preferences and differing contributing capacities. Exclusion from the public good is costly in the sense that if two different quantities of the public good are consumed in the community, then the sum of the costs of providing the two quantities must be borne. By contrast, costless exclusion only requires the cost of the largest quantity consumed of the public good to be financed. We show that despite its important cost, providing public goods in different quantities is often part of any optimal provision of public good when the public authority is imperfectly informed about the agents' contributive capacities. In the specific situation where individuals have an additively separable logarithmic utility function, we provide a complete characterization of the optimal exclusion structure in the two-type case. We also show that the preference for such a costly exclusion is more likely when the heterogeneity in the population or income is large, and when the aversion to utility inequality is important.
