Le Figaro keeps pressing the new government to grasp the nettle of necessity. Today it’s asking why the debate over the 35-hour week has ended even before it began. I was here back in the 1980s when it was introduced and I was at an Employer meeting at the OECD where we tried, amongst other things, to convince the French not to do what they then proceeded to do. Bad luck to them but these things take a long time to ruin you since most of what keeps an economy going is inherited capital and not the latest production. Amongst other things, a reason why GDP stats tell you next to nothing about the future provenance of an economy.
Things are, unfortunately, pretty bad everywhere. Everywhere we have had socialist solutions applied to capitalist problems and therefore pretty well everywhere things have become decidedly worse.
My conference on Say was run and organised by people of the left. They therefore look at the entrepreneur in the way that Marx looked at the entrepreneur, as a stage in the development of an economy that will one day be transcended. How will it be transcended, I asked. This they did not know. I ended up the one of the few people at this conference on Say that actually thinks Say’s way of thinking provides proper guidance to the management of an economy, not just today, but as far into the future as you might care to look.