This study hypothesises that economic governance matters for economic performance; neglecting its role in creating positive synergies between macro- and microeconomic institutions has underlain significant coordination failures and costs. This study examines economic governance in the context of mutual feedback between macro-financial governance (FGV), macro-non-financial governance (NFGV), and micro-financial development (FND) in Germany in the period 1950–2019. The study uses an institutionalist approach, introducing two modes of economic governance based on institutional complementarities and tests its hypotheses using both an exhaustive structuralist analysis and a time-series quantitative technique based on the Autoregressive Distributed Lag cointegration model and the Vector Error Correction Mechanism. The study concludes that (i) the German model of economic governance based on the positive complementarities between FGV, NFGV and FND in the period 1950–1982 significantly enhanced real economic performance, that (ii) the fragmentation of the model became a key determinant of the country’s weak economic performance in the periods 1983–2019 and 1990–2019, and that (iii) the path-dependence of coordinational mechanisms and underlying institutional dynamics, though fragmented, prevented the genesis and embedding of an irrational exuberance in the country.
The contributions of economists have long included both positive explanations of how economic systems work and normative recommendations for how they could and should work better. In recent decades, economics has taken a strong empirical turn as well as having a greater appreciation of the importance of the complexities of real-world human behaviour, institutions, the strengths and failures of markets, and interlinkages with other systems, including politics, technology, culture and the environment. This shift has also brought greater relevance and pragmatism to normative economics. While this shift towards evidence and pragmatism has been welcome, it does not in itself answer the core question of what exactly constitutes ‘better’, and for whom, and how to manage inevitable conflicts and trade-offs in society. These have long been the core concerns of welfare economics. Yet, in the 1980s and 1990s, debates on welfare economics seemed to have become marginalised. The articles in this Fiscal Studies symposium engage with the question of how to revive normative questions as a central issue in economic scholarship. 相似文献
Worldwide, obesity almost tripled between 1975 and 2016 and is now prevalent in both rich and poor countries. Using annual food availability data produced by the Food and Agriculture Organisation of the United Nations (FAO) covering half a century in 118 countries, this article explores the diets that are central to the problem of obesity, identifying groups of countries with similar consumption patterns. Applying algorithms from the fuzzy clustering literature, five distinct consumption patterns are revealed whose dietary composition broadly corresponds to diets that we label ‘Western’, ‘Traditional’, ‘Mediterranean’, ‘Tropical’ and ‘Vegetarian’. Despite differences in dietary characteristics, all five share two common themes: rising total calories and declining healthiness, both of which are linked to the substitution of plant-based foods with food derived from animals. That the evidence points to a convergence on the ‘Western’ diet, the most obesogenic and least healthy of all the diets we consider, is a cause for concern. The key message is that in a future where people are predicted to live longer – but not necessarily healthier – lives, recent efforts to address the challenge are prescient, and as the results in the article imply, need to be heeded globally. 相似文献
