Kiel Institute Focus
|No. 26 November 6, 2014 |
by Dennis J. Snower
Competition and Cooperation – What Needs to Change in Economics
Are economists superfluous? Since the last financial crisis a debate has raged as to whether economists still have much relevant insight to offer citizens and politicians alike. Even German Chancellor Angela Merkel recently called upon economists at the meeting of Nobel laureates in Lindau to deliver more practical recommendations to policymakers and to revise their conceptual structure of what is described as economic success. Economics is now in the defensive, in a predicament of its own doing.