 |
| Angela Merkel |
"Austerity blasts Europe", "Economic growth versus sustainability", "Is ethical thinking foreign to economics?" - provocative placards in garish colors were hung along the streets leading to the convention center. Representatives of NGOs like Attac, which is critical of economic globalization, have been holding demonstrations in Lindau. Many are dissatisfied with the policy prescriptions of leading mainstream economists. They see them as responsible for out-of-control financial markets and high unemployment.
Angela Merkel noted that she was herself trained as an academic scientist - she has a doctorate in physical chemistry. She knows, she said, that there are no perfect answers. Especially not in politics, which has to focus on the interests of the citizenry, rather than on economic theories. She said that "Homo economicus" could not consist simply of economic expertise, and made a pitch for her political approach.
"For us, it's about understanding the expectations and ideas of the citizens about what a good life is," she said. That's what her priority is, and she wants economists to address this as well. She wants new economic welfare indicators developed that are different from traditional measures like gross domestic product (GDP) or unemployment rates.
Asked about his views on Europe's economy, Stiglitz admitted that income distributions are less unequal there than in the US. In Germany or Scandinavia, there is a strong middle-income class. But in Europe, too, the incomes of the wealthy have risen disproportionately to those of the rest of the population.
Read more: Chancellor Merkel challenges Nobel economists | Business | DW.DE | 20.08.2014
No comments:
Post a Comment