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Die ,Neue Unsicherheit: als Ursache der europäischen Wachstumsschwäche

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  • Gunther Tichy
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    Abstract

    Most observers ascribe the recent stagnation in Europe and her falling back behind the US-economy to insufficient and delayed deregulation and privatization, excessive social expenditure, a lag in new technology; some observers mention restrictive economic policy as well. The stagnation, however, affects the large countries primarily, while the northern ones tend to grow as fast as the United States. This study argues that one important explanation for the current economic problems is a strong worldwide trend towards uncertainty. The competitive edge of Scandinavian economies results from the fact that they managed to compensate this trend by a well-designed combination of education policy, technology policy, distribution policy and social policy. The US-policy succeeded primarily with expansive monetary and fiscal policy. The large European countries, in contrast, aggravated social uncertainty even more by an unsystematic and uncoordinated policy, so that the citizens, heavily afraid of reforms, rejected them forcefully. Copyright Verein für Socialpolitik und Blackwell Publishers Ltd, 2005

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    Article provided by Verein für Socialpolitik in its journal Perspektiven der Wirtschaftspolitik.

    Volume (Year): 6 (2005)
    Issue (Month): 3 (08)
    Pages: 385-407

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    Handle: RePEc:bla:perwir:v:6:y:2005:i:3:p:385-407

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    1. Schettkat, Ronald, 2003. "Institutions in the Economic Fitness Landscape: What Impact Do Welfare State Institutions Have on Economic Performance?," IZA Discussion Papers 696, Institute for the Study of Labor (IZA).
    2. Sargent, Thomas J., 1993. "Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288695, September.
    3. Delhey, Jan & Newton, Kenneth, 2002. "Who trusts? The origins of social trust in seven nations," Discussion Papers, Research Unit: Social Structure and Social Reporting FS III 02-402, Social Science Research Center Berlin (WZB).
    4. Knack, Stephen, 2000. "Social capital and the quality of Government : evidence from the U.S. States," Policy Research Working Paper Series 2504, The World Bank.
    5. Rodrik, Dani, 1996. "Why do More Open Economies Have Bigger Governments?," CEPR Discussion Papers 1388, C.E.P.R. Discussion Papers.
    6. Karl Aiginger, 2003. "The Relative Importance of Labour Market Reforms to Economic Growth," WIFO Working Papers 208, WIFO.
    7. Freeman, Richard B., 1998. "War of the models: Which labour market institutions for the 21st century?1," Labour Economics, Elsevier, vol. 5(1), pages 1-24, March.
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