The first quarter of this century has come to an end, and unfortunately we must conclude that humanity has not become any wiser over the past hundred years. The mid-1920s have become a symbol of light-heartedness, but in reality it was a dance on the edge of a volcano. …
It was only a matter of time. First, the economic amateurs pounced on the welfare state, now they are attacking the core substance of the economy. As in the 1970s and 1990s, ‘German economic experts’ jump on the ‘tried and tested’ recipes with little delay whenever a crisis arises. …
It’s always the same story. Economists love to focus on government debt, but they usually look at government debt in isolation. They sever all links between the state and other macroeconomic processes and act as if the state were comparable to an extremely small private household or a small business. …
