Sugestão de leitura: DER SPIEGEL "Architect of Austerity: Schäuble's Search for a Way Forward"

Eis uma sugestão de leitura que consideramos interessante em vários aspetos. Recomendamos a leitura das três páginas hoje editadas pela revista alemã DER SPIEGEL, num artigo traduzido em inglês: Architect of Austerity: Schäuble’s Search for a Way Forward .

Um excerto:

“(…) To this day, controversies in economic theory can still be interpreted as variants of the contradictions between Keynes and Hayek, even if today’s debates are conducted with the sophisticated mathematical models of econometrics. For Keynesians, the market is an animal that requires taming. Students of Hayek, on the other hand, prefer to see the state as a night watchman, establishing a loose framework and allowing the markets to run their course. Instead of battling a crisis, the best approach is to weather it like a storm. “These categories are too simplistic for my taste,” says Schäuble. “I have a disdain for them shaped by experience. I’m beyond that.”

The Flexible Approach

Perhaps that is why he and his advisors end up periodically changing their positions. In the endless corridors of the Finance Ministry, the dispute between the two schools of economic thought has broken down into a question of the right timing, with “Keynes” sufficing for the short term and “Hayek” for the longer and long term. Their goal is to maintain a balance between the rapid stimulation of a tired economy and the long-term achievement of a reasonable level of debt. They call it the “flexible approach to regulatory policy,” which the rest of the world tends to describe, and deride, as the “German ideology.” (…)”

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