Makroökonomischen Kreislauf orientierte Wirtschaftpolitik zur Lösung der Schuldenkrise. Makromajanduslikule ringlusele orienteeritud majanduspoliitika võlakriisi lahendamiseks

Manfred O.E. Hennies


High public debt is causing serious difficulties, primarily in southern countries of the European Union that suffered the most during the business-crisis. State economists have different strategies for solving these problems, depending on their politico-economical orientation. In the neo-classical sense supply-side-policy orientated economists believe that deficit countries should first of all reduce their
debts by starting an economical budget management. Demand-side-policy orientated economists, on the other hand, traditionally believe the exact opposite. Attempts should not be made to solve deficit problems through savings in budget management, although this may, at first, seem to make sense. Essentially it is vital, in this situation, to start extensive development programs to solve the structural problems and to increase the economical productivity and international competition of these countries. Both perspectives are too narrow minded as they are one-sided. They widely neglect the interdependencies of real production and monetary demand, resulting from the economic-circulatory-policy coherences. The pragmatic solution for the deficit crisis would be a combination of both approaches in the sense of: One should do one thing without neglecting the other.


Euro-Currency-Area; public debt; supply-side-policy; demand-sidepolicy; economic-circulatory-policy; inflation; stability of the price level; international competition

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