The World’s Biggest Shock Absorber
Since last autumn, Germany has been accused by many Anglo-American economists, above all by the 2008 Nobel laureate Paul Krugman, of not doing enough to combat the world economic crisis and of free-riding on other countries’ stimulus programs. The data, however, show that this allegation stands reality on its head.
MUNICH – Since last autumn, Germany has been accused by a number of Anglo-American economists, above all by the 2008 Nobel laureate Paul Krugman, of not doing enough to combat the world economic crisis and of free-riding on other countries’ stimulus programs. Recently, The Financial Times asked where the German economists are who defend Germany’s policies, voicing the presumption that they disagree with their government’s policies but are too cowardly to say so publicly, thus conforming to the rituals of the German “consensus society.” From a German point of view, this discussion is a ludicrous inversion of the truth.
MUNICH – Since last autumn, Germany has been accused by a number of Anglo-American economists, above all by the 2008 Nobel laureate Paul Krugman, of not doing enough to combat the world economic crisis and of free-riding on other countries’ stimulus programs. Recently, The Financial Times asked where the German economists are who defend Germany’s policies, voicing the presumption that they disagree with their government’s policies but are too cowardly to say so publicly, thus conforming to the rituals of the German “consensus society.” From a German point of view, this discussion is a ludicrous inversion of the truth.