Heiner Flassbeck: It is high time for Germany to understand the market economy

Germany is proud of its market economy. Some call the German economic system a “social market economy”, believing that the market economy is inherently social because it helps to improve living conditions for everyone. The hero of the market economy, social or not, is the entrepreneur. As all good liberals and market economists know, it is the entrepreneur who drives the system forward, invests, introduces innovations and thus creates new income opportunities for everyone.

The funny thing is that it is precisely those who hold up the market economy like a monstrance who least understand what role their hero plays in a complex economy. Sure, everyone knows a successful entrepreneur and knows the individual heroic deeds they have accomplished. However, when it comes to the question of whether and how the state can help the entrepreneurs who are currently in collective difficulties in Germany, it is clear that the greatest preachers of market economy doctrine know the least about the market economy.

Continue Reading HERE


Be the first to comment

Leave a Reply

Your email address will not be published.