Why the economists do not see the wood for the trees

The change in the structure of production and consumption due to the new economy has consequences that are insufficiently reflected in the development of macroeconomic aggregates (e.g. gross domestic product or consumer price index).

Economic policy oriented towards aggregates is therefore oriented towards the will-o'-the-wisps, which lead them to ever more dangerous aberrations. It would be necessary to turn away from the prevailing paradigm of politically planned welfare maximization and to limit politics to formalizing rules created by social agreement and monitoring compliance with these rules.

Please note:This study is available in German only.