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INTERECONOMICS – REVIEW OF EUROPEAN ECONOMIC POLICY
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The first Intereconomics issue of 2018 features a Forum on the impact of behavioural economics on public policy. Inspired by Richard Thaler’s Nobel prize last autumn, the Forum examines the policy opportunities presented by nudging and similar behavioural methods, as well as the challenges and potential downsides. One highlight is an article by Cass Sunstein, Thaler’s frequent co-author, and Lucia Reisch, who look into people’s acceptance of government nudges – do they resent being manipulated? Or do they find nudges more acceptable than outright bans and policy prescriptions? This issue’s Editorial, by Pierre Moscovici, and Letter from America, by Barry Eichengreen, both look at renewed EU optimism and assess whether it is warranted. Finally, the issue also features interesting articles on helicopter money, the winners of trade wars, the sustainability of eurozone debt and European fiscal coordination. Enjoy! Please follow us on Twitter at @intereconomics_ for updates, events and interesting economic findings. |
Featured Topic
Nudging in Public Policy: Application, Opportunities and Challenges
One of the most discussed ideas in contemporary policy making is Richard Thaler and Cass Sunstein’s proposal to influence people’s choices without coercing them by improving the “architecture” of their choices. Many governments have implemented behaviourally informed policies, focusing on “nudges” – interventions that preserve freedom of choice, but that also steer people in certain directions. This Forum addresses both the opportunities and challenges presented by the application of behavioural insights to policy making. What do citizens actually think about behaviourally informed policies? Is this method of influencing choices ethically acceptable? Should the findings of behavioural economics be alarming to normative economists, in that they threaten the grounds upon which economists evaluate alternatives?
Vacancy Announcement
Intereconomics is looking to hire a new editor as a maternity leave replacement! Apply at http://www.zbw.eu/en/about-us/careers/job-offers/.
Additional Highlights from the Current Issue
Europe in 2018: Less Populist, More Popular?
A year ago, Europe seemed to be under siege by populist forces. The worst of those fears proved unfounded. However, while Europe’s far-right surge has stalled, the populist threat has certainly not gone away. Furthermore, despite the encouraging economic developments, there are persistent divergences between euro area economies. European Commissioner Pierre Moscovici details how Europe should face these challenges in 2018.
Is Renewed EU Optimism Justified?
In this issue's Letter from America, Barry Eichengreen throws some cold water on talk of renewed EU optimism. The European economy may continue to grow, but if something does interrupt that growth, the EU will discover that it still lacks the institutional tools to resolve major problems. This year might well be another one of much talk but little actual progress on institutional reform.
Who Benefits from Trade Wars?
Even though economists keep on emphasising the benefits of international trade, protectionism is on the rise in many industrialised countries. Wolfgang Lechthaler and Mariya Mileva argue that a potential explanation for this phenomenon can be found in the short-run distributional effects of import tariffs: while protectionism hurts the economy from an aggregate perspective (i.e. GDP goes down), unskilled workers in import-competing sectors benefit in the short run and do not lose in the long run. They might therefore lend political support to protectionism.
From the Next Issue
Forum: Solving the Productivity Paradox
with articles by Bart van Ark, Cecilia Jona-Lasinio and more
Digitalisation as Enabler of a Sustainable Circular Economy?
by Adriana Neligan
The Supply of “Safe” Assets and Fiscal Policy
by Ludger Schuknecht
Quote of the Month
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from Monique Goyens's Forum article Using Behavioural Economics For Rather than Against Consumers – A Practitioner’s Perspective
About Intereconomics – Review of European Economic Policy
Intereconomics is jointly produced by ZBW – Leibniz Information Centre for Economics and the Centre for European Policy Studies (CEPS). The journal appears bimonthly and features papers by economists that deal with economic and social policy issues and trends in Europe or affecting Europe. To submit a paper for publication, please visit the Submissions section of our website for relevant information.
Intereconomics is published by Springer-Verlag Berlin Heidelberg.
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