Germany’s metal workers’ union: Making a success out of failure
By Heiner Flassbeck and Michael Paetz (1)
Germany’s metal and engineering union, IG Metall, claimed to have scored a major success last week. A 4.3 percent pay rise sounds good if you demanded 6 percent with a lot of ballyhoo. …
Two days ago, Allister Heath published one of his diatribes in The Telegraph. It’s almost comical. His targets are economists, specifically macroeconomists. As he writes, not missing the opportunity to quote Paul Romer, the new president of the World Bank, completely out of context, …
Incorrect GDP calculations
The difference between what a knowledgeable observer can deduce from data concerning the European economy and what the official statistics office makes of it is becoming increasingly grotesque. Last week, the Federal Statistical Office reported a growth of German GDP of 0.4 percent in the second quarter of 2016 compared to the previous quarter (see here). …
