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Jean-Paul Fitoussi

Bio: Jean-Paul Fitoussi is an academic researcher from Sciences Po. The author has contributed to research in topics: European union & Unemployment. The author has an hindex of 23, co-authored 205 publications receiving 7868 citations. Previous affiliations of Jean-Paul Fitoussi include Libera Università Internazionale degli Studi Sociali Guido Carli.


Papers
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17 Oct 2011
TL;DR: As a measure of market capacity and not economic well-being, the authors pointed out that the two can lead to misleading indications about how well-off people are and entail the wrong policy decisions.
Abstract: As GDP is a measure of market capacity and not economic well-being, this report has been commissioned to more accurately understand the social progress indicators of any given state. Gross domestic product (GDP) is the most widely used measure of economic activity. There are international standards for its calculation, and much thought has gone into its statistical and conceptual bases. But GDP mainly measures market production, though it has often been treated as if it were a measure of economic well-being. Conflating the two can lead to misleading indications about how well-off people are and entail the wrong policy decisions. One reason why money measures of economic performance and living standards have come to play such an important role in our societies is that the monetary valuation of goods and services makes it easy to add up quantities of a very different nature. When we know the prices of apple juice and DVD players, we can add up their values and make statements about production and consumption in a single figure. But market prices are more than an accounting device. Economic theory tells us that when markets are functioning properly, the ratio of one market price to another is reflective of the relative appreciation of the two products by those who purchase them. Moreover, GDP captures all final goods in the economy, whether they are consumed by households, firms or government. Valuing them with their prices would thus seem to be a good way of capturing, in a single number, how well-off society is at a particular moment. Furthermore, keeping prices unchanged while observing how quantities of goods and services that enter GDP move over time would seem like a reasonable way of making a statement about how society’s living standards are evolving in real terms. As it turns out, things are more complicated. First, prices may not exist for some goods and services (if for instance government provides free health insurance or if households are engaged in child care), raising the question of how these services should be valued. Second, even where there are market prices, they may deviate from society’s underlying valuation. In particular, when the consumption or production of particular products affects society as a whole, the price that individuals pay for those products will differ from their value to society at large. Environmental damage caused by production or consumption activities that is not reflected in market prices is a well-known example.

4,432 citations

Posted Content
Abstract: In February 2008, the President of the French Republic, Nicholas Sarkozy, unsatisfied with the present state of statistical information about the economy and the society, asked, Joseph Stiglitz (President of the Commission), Amartya Sen (Advisor) and Jean Paul Fitoussi (Coordinator) to create a Commission, subsequently called "The Commission on the Measurement of Economic Performance and Social Progress" (CMEPSP). The Commission's aim has been to identify the limits of GDP as an indicator of economic performance and social progress, including the problems with its measurement, to consider what additional information might be required for the production of more relevant indicators of social progress, to assess the feasibility of alternative measurement tools, and to discuss how to present the statistical information in an appropriate way (...).

586 citations

Journal ArticleDOI
TL;DR: In this article, the authors draw on models by the authors endogenizing the path of the natural rate in order to trace the causes and apportion the credit for the economic recovery.
Abstract: It is widely agreed that the natural unemployment rate recovered strongly in several OECD economies in the 1990s while not yet in the others. This paper draws on models by the authors endogenizing the path of the natural rate in order to trace the causes and apportion the credit. The results suggest that the five structural reforms of the labor market urged by the OECD Secretariat were effective and account for some of the recovery where adopted. However, the paper sees most of the recoveries as largely the emergence from structural slump to a structural boom--a boom brought by revived investment in employees, customers and fixed capital. Behind this revival is a recovery of business-asset valuations resulting from improved expectations for productivity growth and, judging by the stock market, hopes for a future lift in business earnings that exceeds extrapolations of the past--both driven by the "new economy."

245 citations

Book
27 Apr 2010
TL;DR: In this paper, the authors present a table of table of tables of this paper : Table of Table 1.3.1.1-3.2.0.1]
Abstract: Table of

220 citations


Cited by
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Proceedings ArticleDOI
26 Apr 2010
TL;DR: This work model personalized recommendation of news articles as a contextual bandit problem, a principled approach in which a learning algorithm sequentially selects articles to serve users based on contextual information about the users and articles, while simultaneously adapting its article-selection strategy based on user-click feedback to maximize total user clicks.
Abstract: Personalized web services strive to adapt their services (advertisements, news articles, etc.) to individual users by making use of both content and user information. Despite a few recent advances, this problem remains challenging for at least two reasons. First, web service is featured with dynamically changing pools of content, rendering traditional collaborative filtering methods inapplicable. Second, the scale of most web services of practical interest calls for solutions that are both fast in learning and computation.In this work, we model personalized recommendation of news articles as a contextual bandit problem, a principled approach in which a learning algorithm sequentially selects articles to serve users based on contextual information about the users and articles, while simultaneously adapting its article-selection strategy based on user-click feedback to maximize total user clicks.The contributions of this work are three-fold. First, we propose a new, general contextual bandit algorithm that is computationally efficient and well motivated from learning theory. Second, we argue that any bandit algorithm can be reliably evaluated offline using previously recorded random traffic. Finally, using this offline evaluation method, we successfully applied our new algorithm to a Yahoo! Front Page Today Module dataset containing over 33 million events. Results showed a 12.5% click lift compared to a standard context-free bandit algorithm, and the advantage becomes even greater when data gets more scarce.

2,467 citations

Book
24 Nov 2017
TL;DR: In Undoing the Demos, the authors, the authors trace the devastating erosions of democratic principles, practices, and cultures, and explain how democracy itself is imperiled.
Abstract: Tracing neoliberalism's devastating erosions of democratic principles, practices, and cultures. Neoliberal rationality-ubiquitous today in statecraft and the workplace, in jurisprudence, education, and culture-remakes everything and everyone in the image of homo oeconomicus. What happens when this rationality transposes the constituent elements of democracy into an economic register? In Undoing the Demos, Wendy Brown explains how democracy itself is imperiled. The demos disintegrates into bits of human capital; concerns with justice bow to the mandates of growth rates, credit ratings, and investment climates; liberty submits to the imperative of human capital appreciation; equality dissolves into market competition; and popular sovereignty grows incoherent. Liberal democratic practices may not survive these transformations. Radical democratic dreams may not either. In an original and compelling argument, Brown explains how and why neoliberal reason undoes the political form and political imaginary it falsely promises to secure and reinvigorate. Through meticulous analyses of neoliberalized law, political practices, governance, and education, she charts the new common sense. Undoing the Demos makes clear that for democracy to have a future, it must become an object of struggle and rethinking.

1,756 citations

Posted Content
TL;DR: The Rise of the South: Human Progress in a Diverse World as mentioned in this paper examines the profound shift in global dynamics driven by the fast-rising new powers of the developing world and its long-term implications for human development.
Abstract: The 2013 Human Development Report – "The Rise of the South: Human Progress in a Diverse World" – examines the profound shift in global dynamics driven by the fast-rising new powers of the developing world and its long-term implications for human developmentChina has already overtaken Japan as the world's second biggest economy while lifting hundreds of millions of its people out of poverty India is reshaping its future with new entrepreneurial creativity and social policy innovation Brazil is lifting its living standards through expanding international relationships and antipoverty programs that are emulated worldwideBut the "Rise of the South" analyzed in the Report is a much larger phenomenon: Turkey, Mexico, Thailand, South Africa, Indonesia and many other developing nations are also becoming leading actors on the world stage

1,345 citations

Journal ArticleDOI
TL;DR: The wellbeing of elderly people is an important objective for both economic and health policy and present new analyses about the pattern of wellbeing across ages and the association between wellbeing and survival at older ages.

1,334 citations