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Challenges for economic policy

机译：经济政策面临的挑战

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Before the financial crisis hit the world economy in the aftermath of the Lehman bankruptcy in the summer of 2008, the prevailing economic policy doctrine had been mainly one of market efficiency by deregulation. In fact, the refusal of the American Government to rescue Lehman can be interpreted as a last ditch attempt to enforce market discipline-with disastrous results. However, it would fall too short to blame neoliberalism alone for the crisis. After all, many mistakes had been made before through public intervention, including the artificial creation of a homeowner society in US and the flooding of markets with idle money, not only by the FED, but also by the ECB. It is also telling that, in Germany, the federal state banks were much more involved in the accumulation of toxic assets than the private banks. Thus, policy failure has played a substantial role in generating the recent financial crisis. However, it has also given a wake-up call to economists around the globe to reconsider the relevance of their theories to reality. After all, economics is not only a theoretical, but also an applied science. Accordingly, it takes more than academic
机译：在2008年夏天雷曼破产后，金融危机席卷全球经济之前，现行的经济政策原则主要是通过放松管制来提高市场效率之一。实际上，美国政府拒绝营救雷曼兄弟的行为可以解释为实施市场纪律的最后一次尝试，结果是灾难性的。然而，将危机归咎于新自由主义本身太短了。毕竟，之前通过公共干预已经犯了许多错误，包括人为地建立了美国的房主社会，以及闲置的资金充斥了市场，不仅是美联储，而且是欧洲央行。这也表明，在德国，联邦国家银行比私人银行更多地参与了有毒资产的积累。因此，政策失败在引发最近的金融危机中发挥了重要作用。然而，它也给全球的经济学家敲响了警钟，以重新考虑他们的理论与现实之间的相关性。毕竟，经济学不仅是理论，而且是应用科学。因此，这比学术上需要的更多

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  • 来源
    《International economics and economic policy》 |2011年第4期|p.337-339|共3页
  • 作者

    Ulrich van Suntum; Cordelius Ilgmann;

  • 作者单位

    Wcstfalischc Wilhelms-Univcrsitat Miinstcr, Center of Applied Economic Research Miinstcr, Am Stadtgrabcn 9, 48143 Munster, Germany;

    Wcstfalischc Wilhelms-Univcrsitat Miinstcr, Center of Applied Economic Research Miinstcr, Am Stadtgrabcn 9, 48143 Munster, Germany;

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