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Introduction: Views on Economic Crises in the Twenty-First Century Read chapter Read first chapter

2021 | OriginalPaper | Chapter

5. Conclusion: Changing Economic Policies

Author : Ralf Pauly

Published in: Economic Instability and Stabilization Policy

Publisher: Springer Fachmedien Wiesbaden

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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.

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previous chapter Outlook on the Transformation of the Market Economy and Its Stabilization
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Metadata
Title
Conclusion: Changing Economic Policies
Author
Ralf Pauly
Copyright Year
2021
Book
Economic Instability and Stabilization Policy

Print ISBN: 978-3-658-33625-7

Electronic ISBN: 978-3-658-33626-4

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-3-658-33626-4_5