ordoliberalism, ordnungspolitik, and the rest, are all about rules means precisely that good economic governance is not about spending
Germany's 2000s turnaround is often attributed to the so-called Hartz reforms of that decade, which reduced welfare protections and increased labor market participation.
he says this is false because: wages actually fell for the decade prior to reforms because of reunification + expansion of German auto sector abroad (?); all these reforms did is increase inequaity
Financial repression is basically a tax on captive bondholders and it works best when you have banks over a proverbial barrel
the pejorative sobriquet of financial repression
They argue, inter alia, that consolidating in a downturn is twice as risky as doing it in an upturn
