However, the main problem is that Hollande is not alone with the view that the key to solving the economic crisis lies on the demand side. His misfortune was to exaggerate this claim. But most economic policy in Europe is driven if not by Say's law, then by some version of economics that puts supply first. See my last post on Renzi's Italian jobs act. This is despite the fact that the evidence strongly suggests that programs to stimulate demand effectively boost growth and employment. (See Baker's article and the links in there.)
But what works economically seems to have become completely irrelevant. Supporters of austerity in politics, among economists and in the public at large seem to be driven by a completely different set of motives. I will come back to this issue on this blog but it's also what I write about in 'Austerity: the great failure'. Now forthcoming very very soon.