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#:?> =? 88#:? ) +>7#7;.) =#%>=;7;.) ?7$=) >&7;) <=) 7;767>:7< ;0,) "7>7) ?76?"67>) 67) $7;7) <=) %6";/76&7) <=) 67
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L/ + A + M L/ + A + M − + L/ + L8 0
%/6 = −<=
L/ + L8 L/ + L8

A + M − L8
%/6 = GJH
L/ + L8

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A
%/6 ≅ GNH
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4!:!$).$1/&91+-&$1&1.*1'$,-$./$%&',011*(2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4"/
4!:!4!$).$F$1*1.'$1'902+0&/.$G!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4"/
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601&*1%(&%$5$&"-+1#&1/6.2141/67. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4"!
:!4!$).$20-7'$1'2+-?+'$)'1*'-1'2(6*1'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4"!
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:!:!4!$+/$/+-20/1*(2$,-$./)$%.01+0/1*'2-)$1&1.*1/)$9$./)$1&*)*)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4""
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:!"!$+/$1&*)*)$1'902+0&/.$,-$4("/H"3 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4$4
,01*41%($2$21&2-(.%-.(4*141'4(-$(1#&1/672!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4$4
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6-)06-2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4(4
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)*-&1*1*')8$ #!$0&*21*%*')$89)*1') !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4(:
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7!$#%.*1/1*'2-) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4("
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7!$#%.*1/1*'2-)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :22

4'5"#$%&21-&)($%+2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :24


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4!4!$002+')$,-$7*)+/$+&/,*1*'2/.-)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2:
4!:!$002+')$,-$7*)+/$2'$1'27-21*'2/.-)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2"
4!:!4!$4'8&-$.')$1'21-%+')$,-$7/.'&=$6-&1/21&/$9$+&/8/*'$%&',01+*7' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2"
4!:!:!$4'8&-$'+&')$%&'8.-6/)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2"
601."417(&:&1%+5'4(4%$)"1%+"1*41%+"-47$*$#4#1#&*1$",(&2+1"4%$+"4* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :23
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"!4!$).$19.10.'$,-$)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2"
"!:!$+')$%/1+'&-)$<0-$/%-1+/2$./$6/;2*+0,$,-$) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2$
"!"!$6-.-7/21*/$,-.$1'21-%+' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2$
"!"!4!$).$7&210.'$-2+&-$-.$7/.'&$9$-.$%&-1*'$,-$./)$6-&1/21&/) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :2$
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/!4!4!$#$2*7-.$6*1&'-1'2(6*1' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :44
/!4!:!$#$2*7-.$6/1&'-1'2(6*1' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :4:
/!:!$+/)$&-./1*'2-)$-2+&-$%&',01+*7*,/,=$%&',011*(2=$-6%.-'$9$$+*-6%'$,-$+&/8/*' !!!!!!!!!!!!!!!!!!!!!!!!!!! :4"
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/!/!$+/$*2%.0-21*/$,-$./$%&',01+*7*,/,$-2$-.$7/.'&$+'+/. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :4!
201&*13."#45&"-+1#&1*+2124*4($+2191#&1*421#$3&(&"%$421#&124*4($+2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :4"
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3!:!$#2$-2%'<0-$/.+-&2/+*7' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :4"
3!:!4!$0&*21*%*') !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :4"
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!!4!4!$+/$-?1.0)*(2$,-$./)$/1+*7*,/,-)$,-$1*&10./1*(2$9$)0%-&7*)*(2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::2
!!4!:!$+/$-?1.0)*(2$,-$.')$)-&7*1*')$2'$6/+-&*/.-) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::2
!!:!$#2$-2%'<0-$/.+-&2/+*7'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::4
!!:!4!$0&*21*%*') !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::4
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"!4!4!$+/$1&-/1*(2$,-$7/.'&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::"
"!4!:!$).$-%-1+'$)'8&-$./$+/)/$,-$%.0)7/.&/ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::/
"!:!$#2$-2%'<0-$/.+-&2/+*7'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::/
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"!:!"!$)?%.'+/1*(2$%&)*1/$9$-?%.'+/1*(2$-1'2(6*1/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::"
<01%+5&"-4($+214#$%$+"4*&2141*421(&*4%$+"&213."#45&"-4*&2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::$
$!4!$+')$%/1+'&-)$<0-$/%-1+/2$./)$+&-)$&-./1*'2-)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::$
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8,$./;2*+0,-)$-2$+ &6*2')$,-$,*2-&' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::$
1,$./;2*+0,-)$-2$+ &6*2')$,-$+*-6%'$,-$+&/8/*'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::$
$!4!:!$.-,*1*(2$,-$./)$6/;2*+0,-)$&-.-7/2+-) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::$
$!4!"!$#29.*)*)$,-$.')$%/1+'&-)$<0-$/%-1+/2$1/,/$&-./1*(2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::(
$!:!$5(&60./)$/.+-&2/+*7/)$,-$./$+/)/$,-$%.0)7/.&/ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::(
$!:!4!$#2/$,-%*2*1*(2$69)$%&-1*)/$,-$./$%(&60./$89)*1/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ::(
$!:!:!$+/$&-./1*(2$%&',01+*7*,/,K)/./&*'$&-/.$%'&$E'&/ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"2
$!:!"!$+/$&-./1*(2$)K)/./&*'$6'2-+/&*'$%'&$E'&/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"2
$!:!/!$+/$&-./1*(2$6/1&'-1'2(6*1/$;/2/21*/)K)/./&*') !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"4
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601=1."41>1*&91#&1*4174;41-&"#&"%$4*1#&1*41-4241#&1,4"4"%$41?1@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"/
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$,.4*4%$)"1#&1*41-4241#&1,4"4"%$4!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"!
42!4!$+')$%&-1*')$,-$-<0*.*8&*'$-2$02$)*)+-6/$,-$%&',011*(2$6-&1/2+*.$)*6%.-8
.')$%&-1*')$)*6%.-)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :"!
42!:!$+')$%&-1*')$,-$-<0*.*8&*'$-2$02$)*)+-6/$1/%*+/.*)+/8$.')$%&-1*')$,-$$%&',011*(2!!!!!!!!!!!!!!!!!!!!!!! :""
//01*+21&20.&5421#&1(&'(+#.%%$)" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/2
44!4!$0./2+-/6*-2+'$,-.$%&'8.-6/ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/2
44!:!$).$-)<0-6/$,-$&-%&',011*(2$)*6%.- !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/4
44!"!$).$-)<0-6/$,-$&-%&',011*(2$/6%.*/,/ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/:
/6012+7(&1*421%*42&212+%$4*&2 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ://
5<=>? 1!<="#$#>%? 1&<'"(>)? 1"1'? 1"!B8=>%< !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/!
7'21-%+')$%'&$/)*6*./&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/!
)*-&1*1*') !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/!

,*+24($+ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :/(

(&2'.&2-42141*421'(&,."-42 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :33

!"#$%&1#&1%.4#(+2191&20.&542 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :!3

!"#$%& !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :!"


(sugerencia para una contracarátula)

Jacques GOUVERNEUR

COMPRENDER LA ECONOMÍA
La cara oculta de los fenómenos económicos

Esta obra es la culminación de una larga y fructífera experiencia en el campo de la docencia


académica y de la divulgación científica. El libro analiza, de manera clara y rigurosa, las estructuras y
tendencias fundamentales de la economía contemporánea : expansión de la producción mercantil,
globalización, concentración del poder económico, luchas competitivas, invasión publicitaria, aumento
de las desigualdades, prolongación de la crisis estructural y el desempleo, deterioro del medio
ambiente, etc.
Cada capítulo finaliza con un resumen y una selección de ejercicios, tanto « teóricos » como
« prácticos » : los primeros permiten evaluar la comprensión de la materia, los segundos posibilitan
relacionar la teoría con las realidades conocidas por el lector, en cualquier momento y lugar.
Debido a su gran calidad pedagógica, este documento constituye un manual de primera clase
para estudiantes, educadores y docentes, así como para el público interesado en el tema, aun sin
conocimientos previos en la materia. Al mismo tiempo, el libro presenta (y justifica en los apéndices)
numerosos aspectos teóricos originales que llamarán la atención de los especialistas.

Jacques Gouverneur (nacido en 1940) es doctor en derecho de la Universidad Católica de


Lovaina, Bélgica (1962) y doctor en economía de la Universidad de Oxford, Inglaterra (1969).
Profesor en la Universidad Católica de Lovaina-la-Nueva, ha enseñado en el departamento de
economía (ECON), en el departamento de estudios de población y desarrollo (SPED) y en la facultad
abierta de política económica y social (FOPES). Asimismo, ha dictado cursos y seminarios en otras
universidades, tanto latinoamericanas como europeas.
Además es autor de numerosas publicaciones. Las más recientes – entre las cuales se
encuentra esta obra – están disponibles en el website www.i6doc.com (véase p.2).

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