The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.

There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.

A well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.

Financial markets need to become less, not more, efficient.

The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.

Above a certain level of income, the relative value of material consumption vis-a-vis leisure time is diminished, so earning a higher income at the cost of working longer hours may reduce the quality of your life. More importantly, the fact that the citizens of a country work longer than others in comparable countries does not necessarily mean that they like working longer hours. They may be compelled to work long hours, even if they actually want to take longer holidays.

The foundation of economic development is the acquisition of more productive knowledge.