“The Charm of Emission Trading”: Ideas of German Economists on Economic Policy in Times of Crises

Rouven Reinke and Laura Porak

Journal of Economic Issues, 2025, vol. 59, issue 4, 1191-1211

Abstract: Economists have become very influential intellectuals in our contemporary society. The scientific knowledge produced by the discipline and economists’ academic status can be considered a decisive power resource in media debates and politics. Furthermore, economics as well as discourses and economic advisory are shaped by power relations, mediating which ideas are seen as legitimate positions. In times of crises, these positions might change as they are hardly seen as appropriate to solve socio-economic, climate, and geopolitical issues. Against this background, the given article analyses German economists’ economic imaginaries and economic policy positions after the unfolding of the COVID-19 pandemic. Methodologically, the article draws on critical discourse analysis of interviews with economists in Germany on the YouTube channel “Jung & Naiv [Young & Naïve]” We observe that the economy is understood as an interplay between markets and the state. This market centrism comprises four different economic imaginaries that are selectively translated into economic policy. In this regard, a shift from rather free-market approaches towards moderate Keynesianism and market design liberalism becomes apparent, indicating a flexible pragmatism.

Date: 2025
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DOI: 10.1080/00213624.2025.2575141

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