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the New Economy Ticker
The latest news, debates, proposals and developments on new economic thinking at a glance.
Core qualification: surname – Article (Paywall)
David Böcking, DER SPIEGEL, 11.12.2025
Inheritance brings obligations, but does it also enable people to run a business? Economists doubt this – and put forward arguments for tax reform.
Just 0.001% hold three times the wealth of poorest half of humanity, report finds – Article
Jon Henley, The Guardian, 10.10.2025
Data from World Inequality Report also showed top 10% of income-earners earn more than the other 90%.
Why Americans are feeling poorer even though they’re not – Article (Paywall)
John Burn-Murdoch, Financial Times, 06.12.2025
Essential services cost more because people are better off.
Americans and Europeans look at each other with pity—I fear they are both right – Interview (Paywall)
SPIEGEL interview, 28.11.2025
Economist Dan Wang has written a provocative book. He argues that the West must learn from China’s engineering state in order to save democracy. He considers Europe to be complacent.
A New Progressive Paradigm – Book Review
Christoph B. Rosenberg, F&D Magazine, December 2025
The pillars of global economic thinking are wobbling. Voters around the world are no longer buying into the well-worn paradigms of the past 80 years, whether the free market Washington Consensus, the government-led Keynesian welfare state, or the rules-based liberal international order. Dani Rodrik’s “Shared Prosperity in a Fractured World” seeks to fill this void.
Three Cheers for the London Consensus – Article (Paywall)
Anne-Marie Slaughter, Project Syndicate, 03.12.2025
While the old Washington Consensus forced developing countries into an austerity straitjacket that inflicted enormous pain on ordinary people, a new set of principles from a multinational roster of economists organized by the London School of Economics offers a long-needed alternative. This time, politics isn’t assumed away.
What Can Economists Agree on These Days? – Article
John Cassidy, The New Yorker, 01.12.2025
A new book, “The London Consensus,” offers a framework for rethinking economic policy in a fractured age of inequality, populism, and political crisis.
Making Sense of Inflation – Article
Sam Stark, The Nation, 01.12.2025
The economic force is often seen as a barometer for a nation’s mood and health. But have we misunderstood it all along?
There’s a black hole where central banks’ theory of inflation should be – Opinion (Paywall)
Gillian Tett, Financial Times, 05.12.2025
Old assumptions about expectations and targets can no longer be relied upon.
Is inheritance fair? – Article (Paywall)
Roman Pletter, DIE ZEIT, 07.12.2025
Many people are outraged by inheritance tax. This is because it raises the question of who deserves property and wealth.
We must finally tax the super-rich more heavily – Column
Marcel Fratzscher, DIE ZEIT, 05.12.2025
The richest one percent of the world is massively increasing its wealth, while millions continue to slip further down the ladder. This poses a risk to democracy – including in Germany.
Harvard professor: China’s dominance on the world market calls for a response – Article
Dani Rodrik, Surplus Magazin, 30.11.2025
China is exporting more and more, causing upheaval in the rest of the world. Competing countries should set themselves three goals.
What infrastructure really costs – Article (paywall)
Claus Hulverscheidt and Vivien Timmler, Süddeutsche Zeitung, November 23, 2025
Germany is investing heavily in railways, roads, and bridges. And yet there is still a shortfall of billions of euros. How this gap could be closed and why it is worth taking a look at controversial proposals.
IMF pushes for new pension formula for Germany – Article
David Böcking, SPIEGEL, November 26, 2025
The International Monetary Fund expects only a mini-upswing for Germany and proposes reforms to the pension system, among other things. Experts show little sympathy for the federal government’s tax breaks for the restaurant industry.
“I think that’s nonsense” – Debate (paywall)
Johannes Pennekamp and Manfred Schäfers, FAZ, November 21, 2025
500 billion euros in special funds, a 200 billion euro pension package – is Germany squandering its future? Monika Schnitzer, chair of the German Council of Economic Experts, in a debate with Jens Südekum, advisor to the finance minister.
Economic expert: Economists’ call for pension reform is irresponsible – Column
Achim Truger, Surplus Magazine, November 25, 2025
Twenty-two economists are joining forces with the Junge Union and calling for the government’s pension package to be stopped. This is irresponsible in the current situation.
The normalization of the AfD in economic circles is highly dangerous – Commentary (paywall)
Meike Schreiber, Süddeutsche Zeitung, November 24, 2025
The Association of Family Entrepreneurs invites AfD representatives, thereby normalizing a party that is considered extreme even internationally. The lobbyists are thus undermining democratic principles.
Germany’s problems are worse than you think – Opinion (Paywall)
Martin Sandbu, Financial Times, 20.11.2025
It’s not as simple as blaming the unravelling of the global trading system.
Affordability is Trump’s problem now – Opinion (Paywall)
Like every president, he will have to own the political consequences of rising prices.
Rana Foroohar, Financial Times, 24.11.2025
Economists criticize German government’s plans for energy transition – Article
SPIEGEL, 19.11.2025
The German Institute for Economic Research considers the German government’s reorientation to be misguided: the focus on cost control and efficiency could slow down the expansion of wind and solar energy.
What’s wrong with energy subsidies – Guest contribution
Peter Bofinger, The Pioneer, 18.11.2025
German ordoliberalism has no answer to the dominance of the Chinese industrial model. What’s more, it leads to misguided economic policy decisions. For example, to misguided subsidies, writes former economic advisor Peter Bofinger in this guest article.
Climate social policy as the guiding star of transformation – Guest article
Astrid Schaffert, Makronom, 17.11.2025
Climate protection policy must be designed in such a way that it does not privilege, but rather enables – and especially strengthens those who today suffer most from poverty, energy costs, and a lack of alternatives.
There is a massive increase in investment – Guest article
Guest article by Jens Südekum, 15.11.2025
Instead of spending money on infrastructure, the coalition is spending it on election gifts, according to calculations by economic experts. Government advisor Südekum says: The figures are incorrect.
“Inheritance tax is unfair and regressive” – Interview
Katharina Beck and Matthias Ubl, Surplus Magazine, 19.11.2025
Green Party politician Katharina Beck has commissioned a study on the German inheritance tax. In this interview, she explains why the tax is currently extremely unfair.
We don’t need a new inheritance tax, we need an honest one – Column
Column by Marcel Fratzscher, DIE ZEIT, 14.11.2025
Billions in inheritances often remain tax-free. Reforming inheritance tax does not require a revolution, but targeted changes for greater fairness and efficiency.
The scramble for Europe is just beginning – Opinion (Paywall)
Gideon Rachman, Financial Times, 17.11.2025
As the EU struggles to defend its interests, outside powers play divide and rule.
The price of convenience – Commentary (Paywall)
Elisabeth Dostert, Süddeutsche Zeitung, 14.11.2025
Cheap gas from Russia, pharmaceutical ingredients at bargain prices: managers and politicians have made Germany dependent. Now there is great lamentation. But it was so convenient back then, wasn’t it?
Why Trump’s team is betting on stablecoins – Opinion (Paywall)
Gilian Tett, Financial Times, 14.11.2025
The administration sees these digital assets as a tool in the fight against de-dollarisation.
A New Economic Playbook for Policymakers – Commentary
Tim Besley and Andrés Velasco, Project Syndicate, 07. 11.2025
The Washington Consensus assumed that economic growth would automatically follow market liberalisation. That belief has not aged well, and a new policy approach must include innovation, good jobs, climate stability, gender equality, and a state empowered to provide effective regulation and high-quality public services.
How can the US be saved from Trump, Mr. Sandel? – Interview (paywall)
Interview: Marcus Gatzke and Martin Klingst, DIE ZEIT, 07. 11.2025
It was a mistake to leave patriotism to the extreme right, says Michael Sandel. The Harvard philosopher on the humiliation of the American working class.
Economists call for tax revolution for companies – Article (paywall)
Julian Olk, Handelsblatt, 12. 11.2025
In its new report, the German Council of Economic Experts proposes far-reaching changes to the tax system: in addition to inheritance tax reform, they are calling for completely new corporate taxes.
Council of Economic Experts calls for more efficient use of special funds – Artikel
DIE ZEIT, 12.11.2025
The economy is stagnating – the economic experts see geopolitics as only part of the reason for this. Investments need to be more targeted and transparent.
Bundesbank plans measures to curb debt – Artikel (Paywall)
Martin Greive, Jan Hildebrand, Handelsblatt, 12.11.2025
The central bank presents a proposal to reform the debt brake. Defense spending is to be paid for from the core budget again – but new exceptions will apply for investments.
Reiche suspects that pensions will no longer be enough to live on – Artikel
SPIEGEL, 12.11.2025
Shortly before the economic experts present their forecast, Economics Minister Reiche commits Germany to cuts. In her keynote speech, she advocated comprehensive reforms – and met with resistance.
Coalition agrees on new CO₂ price for fuel and heating – Artikel (Paywall)
Cordula Tutt, Wirtschaftswoche, 12.11.2025
The climate tax will make gasoline, oil, and gas more expensive in 2026, but is expected to remain constant in 2027. The agreement comes after the EU-wide emissions trading system was postponed to 2028.
Maga + AI is not a recipe for stability – Opinion (Paywall)
Adam Tooze, Financial Times, 11.11.2025
The latest tech bubble offers only short-term protection for Trump.
Building a More Effective, Responsive Government: Lessons Learned from the Biden-Harris Administration – Report
Hannah Garden-Monheit and Tresa Joseph, Roosevelt Institute, 28.10.2025
The authors draw from the insights, recommendations, and candor of more than 45 former public servants and tell a broader story we can’t forget: The problems with these institutions did not start with Donald Trump or Elon Musk, worse as they now are. These problems are, in part, what results from decades of bipartisan neglect, disinvestment, and deference to markets.
OUR MAIN TOPICS
New Paradigm
NEW PARADIGM
After decades of overly naive market belief, we urgently need new answers to the great challenges of our time. More so, we need a whole new paradigm to guide us. We collect everything about the people and the community who are dealing with the question of a new paradigm and who analyze the historical and present impact of paradigms and narratives – whether in new contributions, performances, books and events.
Redefining
the role of
the state
REDEFINING
THE ROLE OF
THE STATE
For decades, there was a consensus that reducing the role of the state and cutting public debt would generate wealth. This contributed to a chronic underinvestment in education and public infrastructure. New research focuses on establishing when and how governments need to intervene to better contribute to long-term prosperity and to stabilize rather than aggravate economic fluctuations.
Remaking
finance
REMAKING
FINANCE
More than a decade after the financial crisis there still seems to be something seriously wrong with the financial system. Financial markets still tend to periodically misprice risk and contribute to boom and bust cycles. A better financial system needs to discourage short-termism and speculative activity, curtail systemic risk and distribute wealth more broadly.
Greening
prosperity
GREENING
PROSPERITY
During the high point of market orthodoxy, economists argued that the most 'efficient' way to combat climate change was to simply let markets determine the price of carbon emissions. Today, there is a growing consensus that prices need to be regulated and that a carbon price on its own might not be enough.
Reducing
inequality
REDUCING
INEQUALITY
The rising gap between rich and poor has become a threat to social cohesion in most rich countries. To reverse this trend it will be crucial to better understand the importance of different drivers of income and wealth inequality.
Innovation Lab
INNOVATION LAB
Do we need a whole new understanding of economic growth? What would be a real alternative? How viable are alternatives to GDP when it comes to measuring prosperity? These and other more fundamental challenges are what this section is about.
Globalization
for all
GLOBALIZATION
FOR ALL
After three decades of poorly managed integration, globalization is threatened by social discontent and the rise of populist forces. A new paradigm will need better ways not only to compensate the groups that have lost, but to distribute the gains more broadly from the start.
Europe
beyond markets
EUROPE
BEYOND MARKETS
The euro was planned during a period in which economic policy making was driven by a deep belief in market liberalism and the near impossibility of systemic financial crises. This belief has been brought into question since the euro crisis, which showed that panics do happen. New thinking needs to focus on developing mechanisms to protect eurozone countries from such panics and to foster economic convergence between members.