Dispelling three myths on German economic thought..

Well atleast Germans have a school of economic thought (called Ordoliberalism) and moreover there are scholars who believe and defend the same.

Michael Burda of Humboldt University Berlin has a piece speaking about three myths regarding the school:

Many analysts believe that German economists hold a very different view of macroeconomics. This column presents a personal view why this belief is wrong. The fact that Europe still consists of sovereign nations and that most Europeans still want to keep it that way informs much of what happens inside German economists’ heads

Myth 1: Economists in Germany fundamentally reject Keynesian ideas
Myth 2: German economists feed at the trough of ‘ordoliberalism’ and worship at the altar of supply-side policies.
Myth 3: Economists in Germany obsess over moral hazard and austerity

All three myths are kind of interconnected.


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