The policy objective [...] "achievement competition" rather than "impediment competition," whereby the quality of products manufactured would create the demand for them, in a modern supply-side restatement of Say's law.
ordoliberal policy re: German firms
his concept of gales of "creative destruction" that sweep through the economy. Torn asunder by the entrepreneurial utilization of technology, continual organizational innovation, and the rigors of competition, businesses rise and fall, driving the business cycle over time
Austerity may be painful, but it is unavoidable since undergoing such emetic periods is the essence of capitalism's process of investment and discovery
Paul Krugman saw trouble in the decade of recession and unemployment necessitated by the convergence criteria of the Maastricht Treaty of 1992, the precondition for adoption of the euro
the economy of the mid-1970s seemed to trade in inflation with unemployment in a phenomenon called "stagflation", where wages/prices (inflation)and unemployment rose together
in an apparent contradiction of the Phillips curve, which many by this point took as the sine qua non of Keynesianism
