Heiner Flassbeck: Flexible wages or flexible profits – how does a market economy work?

When a high-ranking European policymaker like Christine Lagarde gives a keynote speech on “policymaking in an age of shifts and breaks” at a meeting of the world’s most important central bankers, one should listen carefully. Because that is indeed what matters in this world: how to manage the inevitable structural change without making serious macroeconomic mistakes.

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