Conclusion: Changing Economic Policies

Ralf Pauly ()
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Ralf Pauly: Osnabrück University

Chapter Chapter 5 in Economic Instability and Stabilization Policy, 2021, pp 209-221 from Springer

Abstract: Abstract Two narratives tell us about the common welfare. The Smith narrative lets the invisible hand work in the market. In the Keynesian narrative, the state is the visible hand which intervenes in the economy for the common good. Economic change and its continuing stabilization are associated with instability, inequality, distorted markets and the threat of intertemporal imbalance. They narrow future perspectives. To make the future promising again, the state should realign its policies. It can turn its support to a knowledge-based society and innovative companies at a local level. In this way, the state can unleash forces of people at local level for new national welfare.

Date: 2021
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DOI: 10.1007/978-3-658-33626-4_5

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