The Economic Crisis and Retardants of Growth in Greece

George S. Atsalakis, George Baourakis and Constantin Zopounidis
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George S. Atsalakis: Technical University of Crete, Chania, Greece
George Baourakis: MAICH, Chania, Greece
Constantin Zopounidis: School of Production Engineering and Management, Financial Engineering Laboratory, Technical University of Crete, Chania, Greece

International Journal of Sustainable Economies Management (IJSEM), 2016, vol. 5, issue 1, 1-17

Abstract: The development of special interest groups may alter the structure of incentives and the direction of a society's development. Governments are systematically influenced by special interest groups. The slowdown in the adoption of new technologies, the non-adjustment of the economy, and the focus on the distribution of the “pie” rather than the enlargement of the “pie” due to the activity of the interest groups lead to a certain rigidity in society, a lack of reforms and a lack of competitiveness. Any attempt reform and the society fails because of the strong resistance of these lobbyists until the inevitable occurs for both society and the economy. Awareness of the perverse role of interest groups by more and more people, but mainly by public policy makers, will significantly reduce the losses suffered by society from their activity. This is an expectation of all who espouse a society that will minimize economic and social inequalities. The unveiling of the role of special interest groups and the removal of privileges will transform Greece into both a healthy society and economy.

Date: 2016
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