A working paper published by the European Central Bank (ECB) shows that strong wage increases have not been the cause for troubles of the euro zone’s crisis countries. Rather, capital flows have caused bloated house and asset prices and exaggerated construction activity and unsustainable economic activity in general, which in turn has pushed up wages. This diagnosis flies in the faceof the of the story often retold by the ECB and
Outstanding credit to the private sector in the euro area has been shrinking for a long time. It is shrinking fast in several peripheral countries and the European Central Bank (ECB) seems unable or unwilling to do anything about it. Given that the economy of the euro area is barely crawling out of recession and that inflation is predicted to be significantly below the central bank’s target rate for the next two years at least, this seems troublesome. Two economists of the Bank for International Settlements (BIS) help out
Fabian Lindner of the German macro-economic research institute IMK has submitted a very timely and well-argued piece to the World Economic Reviw: “Does Saving Increase the Supply of Credit? A Critique of Loanable Funds Theory”. He takes on influential theses of luminaries from Larry Summers, over Ben Bernanke to Hans-Werner Sinn by tracing them back to the loanable-funds-fallacy – a fallacy which still rules standard textbooks. His main proposition is simple and not refutable: firms and economies do not operate at full capacity. All research and surveys show that
(Last updated in May 2017)
Norbert Haering (born 1963) lives with his family in Frankfurt am Main, Germany. He grew up on a farm in southern Germany. He studied economics in Heidelberg and Saarbrücken. In Saarbrücken he obtained a Ph.D. in economics with a thesis on the political economy of regional subsidies.
At Commerzbank he worked for three years, first in the economics department, then as a speach writer and Managing Editor of the annual and quarterly reports. In 1997 he moved over to economic journalism. He worked for Börsen-Zeitung and Financial Times Deutschland, before joining Handelsblatt in 2002 as a correspondent for monetary affairs. In 2002 he convened the Shadow ECB Council, a Group of 15 eminent economists from financial institutions, universities and research institutes, for which he served as (non-voting) chairman until 2015. Since 2012 he is in charge of economic science reporting.
Norbert Häring is author (with Olaf Storbeck) of the best-selling book „Ökonomie 2.0“, which won the title economics book of the year 2007 by getAbstract and was translated into English (Economics 2.0) and four other languages, as well as the author of several more popular books on economics. In 2014 he was awarded the Keynes-Prize for Economic Writing 2014 by Keynes-Gesellschaft (Keynes-Society).
He is co-founder and co-director of the World Economics Association WEA. Founded in 2011, it is the second largest association of economists worldwide with about 15.000 members. Its Goal is to promote pluralism in economics, in the regional Dimension as well as with regard to the methods and objects of study. From 2012 to 2015 he served as co-editor of the WEA-journal World Economic Review.
Publications and presentations in English
(For a full list of publications, see Lebenslauf)
- Economics as Superstructure. Presentation at a Seminar at the House of Lords, London, 23. March 2015.
- Economists and the Powerful – Convenient Truths, Distorted Facts, Ample Rewards. 2012. with Niall Douglas. Anthem.
- The veil of deception over money. 2013. Real World Economic Review. Issue no. 63. 2 – 19.
- The sources and consequences of bankers’ power. 2010. International Journal of Pluralism and Economics Education, Vol. 1, 242 – 259.
Interjurisdictional redistribution and public goods with increasing returns to scale. 1998. Public Choice, Vol. 95, 321-329.
- Presentation and discussion with Lord Robert Skidelsky und Steve Keen at the annual meeting of the Institute for New Economic Thinking, in Hong Kong, April 6, 2013 in the plenary session „Economics and the Powerful“(from minute 32:20).
- Economics 2.0. What the best minds in economics can teach you about business and life. St Martin’s Press. 2008
Norbert Häring is Co-Editor oft he World Economic Review (WERa peer-reviewed jounral of the World Economics Associationin line with its commitment to: rigorous economic research; pluralism in the approaches to economic analysis; openness in the procedures and processes; inclusivity of access; and ethical behaviour.. Lead-Editor is John T. Harvey.
The World Economic Review will publish articles in all branches, methods, and paradigmatic approaches of economics, except those related to the history of economic thought, philosophy and methodology for which the WEA has the dedicated journal Economic Thought. Articles with a multidisciplinary content are welcome.
Papers submitted to the World Economic Review that meet minimum standards of professional quality will be posted on the journal’s Discussion Forum in order to solicit comments and discussions.
In line with the commitment of the World Economics Association, the World Economics Journal aims to promote economics’ engagement with the real world so as to confront, explain, and make tractable economic phenomena.
Norbert Häring is co-founder and co-director of the World Economics Association (WEA), which was launched on May 16, 2011. Already over 12,000 economists and related scholars have joined. This phenomenal success has come about because the WEA fills a huge gap in the international community of economists – the absence of a professional organization which is truly international and pluralist.
The organization publishes three online-based academic jounrals. The World Economic Review and Economic Thought have open peer-review. The Real World Economics Reviewis a policy oriented journal with a worldwide readership of over 20,000.
National Chaptern provide members in individual countries to network and to develop their own initiatives.
The WEA also organizes Online-Konferenzen.
Membership is not dependent on paying a membership-fee. However, WEA encourages members who can afford it to commit to paying a voluntary memberhip-fee.
The World Economics Association (WEA) seeks to increase the relevance, breadth and depth of economic thought. Its key qualities are worldwide membership and governance, and inclusiveness with respect to: (a) the variety of theoretical perspectives; (b) the range of human activities and issues which fall within the broad domain of economics; and (c) the study of the world’s diverse economies.