EUROPEAN PAPERS ON THE NEW WELFARE

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Rethinking Economics, the Role of Insurance: Adam Smith Upside Down—The Central Role of Insurance in the New Post-Industrial (Service) Economy

Abstract
In the first page of The Wealth of Nations, Adam Smith described an apparently trivial issue, the making of a pin. In his search for ways to effectively fight poverty, he formulated the basis for a new view of economy based on the Industrial Revolution. Two centuries later, the perspective he developed remains intact and is largely outdated. It does not reflect the radical shift from an industrial to a service economy, which occurred during the later half of the 20th century and prevails today. Insurance, a very important component of the modern service economy, was and has been ignored or dismissed by past and contemporary economists. Founded on the principle of uncertainty, insurance now provides the basis for valuable insights into the unique characteristics of the service economy. A rethinking of economics is needed from this perspective.
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ltinéraire vers La retraite à 80 ans

la-retraite-a-80-ans_ott-1 French text.

Table des matières

Préface

Chapitre 1 – Lettre ouverte à tous ceux qui ont – ou vont avoir – 65 ans et plus

Chapitre 2 – Premiers points de repère

Chapitre 3 – Expériences dans l’industrie chimique (1959-1965)

Intermezzo – Un rêve (Tembelia, déesse de la paresse et de 1′ ennui)

Chapitre 4 – Combat pour l’Europe (1962-1969)

Chapitre 5 – Profession chercheur et manager

Chapitre 6 – Le Club de Rome

Intermezzo – Dialogue sur la fondation d’un Secrétariat de l’incertain

Chapitre 7 – Profession enseignant universitaire (1971-1999)

Chapitre 8 – L’ Association de Genève (1973-2001)

Chapitre 9 – Le Quatrième Pilier – à la conquête de 15 ans de vie


Addendum 2: Introductory Notes on New Economic Theory

The following are some simple notes on what I think are some very basic fundamental issues to consider for the rebuilding of a new thinking on economics. They have been dealt with mainly in Cadmus and other publications since 1978. However all the major issues might appear dispersed and priorities are not always clearly perceived as such. In addition, they are all strongly interrelated. So let me reassume here the priorities:
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Addendum 1: The Context for the Democratic Revolution Reconceptualising Macro-Economics

The global demographic revolution is taking place in a situation of profound economic change which requires us to consider what, today, constitutes “The Wealth of Nations”. This is of course a very complex matter that I have tried to deal with over the last 30 years.** Only the main central points of reference are listed hereunder for the sake of discussion and further research, keeping in mind the fact that the word “sustainability” is in fact an indicator of the necessity to reconceptualise macro-economics and hence the definition and strategies for “wealth”:
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Chapter 9: An Open Letter to All Those Who Are or will Be 65

Dear Madam, Dear Sir,
May I draw to your attention an issue that is constantly being talked about in the press, is on the lips of almost every politician and economist, something that you have probably had the occasion to discuss even with your neighbour: the issue of population ageing in industrialised countries, and in the long run in all other countries as well, which is one of the major problems of our time.
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Chapter 8: The Fourth Pillar – To the Conquest of 15 Years of Life

For about twenty years now the concept of human capital has become increasingly popular among economists. It is about time!
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Chapter 7: The Geneva Association (1973 – 2001)

“But my dear Sir, we are all centre left!” Raymond Barre told me in Paris, in his apartment in Rue de Bagatelle. I was absolutely astounded. I had just told him that I knew Altiero Spinelli, a member of the European Community Commission in Brussels, well during the period when he was its Vice President. Raymond Barre then proceeded to sing the praises of the intelligence of the Italian Commissioner who had founded the European Federalism Movement in Italy, and who, before the war, had been imprisoned by the fascists, as an ex­­ecutive of the communist youth. It had been his friends in Nenni’s socialist party who had presented him as a candidate to the Commission in Brussels. Raymond Barre’s tone of voice was firm and sincere and I looked at him in awe which must have been very evident, given his reputation as a moderate right winger and Gaullist. Hence the unexpectedness of his statement.
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Chapter 6: Towards the Service Economy

In the rococo shelter of Leopoldskron Castle in Salzburg in Austria, I heard somebody talk about the post-industrial society and economy. In that summer of 1959, Daniel Bell gave his first conference on the subject during an American studies seminar, part of a series that has continued into our time.
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Intermezzo: Dialogue on the Foundation of a Secretariat on Uncertainty

“Did you say Ulrich, Ulrich Tuzzi?”
Having left the office I took about a quarter of an hour to get to the Grangettes clinic at Chêne-Bougeries, a district of Geneva. Near the Clinic car parking lot, to the west of the building, I found an old two storied house, surrounded by trees among which perhaps had survived four pines, already old at that time, and two birches described by Robert Musil in notes recounting the last years of his life. Unless, of course, those had been sacrificed to make way for the car parking lot. I was just about to check whether the half-moon shaped pool was still there, when I became aware of the presence of a friend, a research Fellow from CERN (European Centre for Nuclear Research). He was a physicist and was accompanied by a person of about forty, a man with a decisive air, a high forehead and black hair brushed straight back. Both of them seemed to be looking for something in the area around the old house. Read More

Chapter 5: The Club of Rome and the Limits to Growth

“Could you come and take some notes? And while you’re at it, have someone bring coffee”. So began my adventure with the Club of Rome: I actually entered through the service door. This invitation was put to me by Hugo Thiemann, Director General of the Battelle Institute of Geneva. A few months earlier I had sent him my book on Europe and Space and he had been impressed by it. It was June of 1968.*
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