Yet French public spending accounts for 56 percent of gross domestic product, the highest level in the euro zone, and public debt reached 90 percent of GDP this year. Hollande\’s deficit-cutting strategy is based on two-thirds tax increases, much of it on businesses, and one-third spending cuts.
Rather brings home the fact that the last Frog* to understand economics was Frederic Bastiat.
And he died in 1850.
NB, Debreau got the Nobel. And he trained at Chicago, lived and worked in the US and so that doesn\’t count.