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the New Economy Ticker
The latest news, debates, proposals and developments on new economic thinking at a glance.
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.
The London consensus is a timely challenge to Trump’s isolationism – Commentary
Phillip Inman, The Guardian, 01.11.2025
A debate on how to achieve fairer, greener growth could point the way to a successor for neoliberal capitalism.
The quest for an anti-Trumpian economic consensus – Opinion (Paywall)
Martin Sandbu, Financial Times, 06.11.2025
A successful alternative to Trumponomics would have to work economically and politically, and in a sustained fashion.
Star economist Stiglitz warns of global emergency due to inequality – Article
Kathrin Werner, SPIEGEL, 04.11.2025
Nobel Prize-winning economist Joseph Stiglitz sees the gap between rich and poor as a threat on par with the climate crisis. In a report, he calls for a global body to identify imbalances at an early stage.
The gap between rich and poor is destroying trust in democracy – Article (Paywall)
Commentary by Markus Zydra, Süddeutsche Zeitung, 04.11.2025
A new study confirms the global inequality of wealth. A fair tax system is finally needed, including in Germany.
Zohran Mamdani shows how Democrats can defeat authoritarians like Trump – Opinion
Isabella Weber, The Guardian, 06.11.2025
Democrats have two choices: fight to make life affordable again for ordinary people or watch voters embrace authoritarians,
Vicente Valentim: “Angela Merkel was right” – Interview (Paywall)
Interview: Philip Faigle und Lenz Jacobsen, DIE ZEIT, 05.11.2025
Did people used to think more right-wing when they voted? Researcher Vicente Valentim says we are overlooking one reason for the success of far-right parties.
EU states pull the emergency brake on climate laws – Article
Jakob Hanke Vela, Silke Kersting, Handelsblatt, 05.11.2025
After 18 hours of negotiations, it is clear that EU countries want to make less effort to protect the climate. In addition, planned levies on industry and households are being postponed.
How divided is Germany really? – Column
Marcel Fratzscher, DIE ZEIT, October 24, 2025
Polarization in Germany is often exaggerated. Nevertheless, there are real threats to social cohesion. We must address them honestly.
Neglected Solutions to Our Biggest Problems – Opinion (Paywall)
Dani Rodrik, Project Syndicate, 29.10.2025
To rebuild the middle class, reduce global poverty, and address climate change simultaneously, we need to depart from established ways of thinking and consider new approaches. Fortunately, many of these approaches already exist at the local level, where they have proved themselves and need only to be recognized.
“I don’t understand this negative mood” – Interview (paywall)
Interview: Claus Hulverscheidt, Süddeutsche Zeitung, 19.10.2025
IMF Europe Director Alfred Kammer believes that the economic situation in Germany is much better than it was a year ago, but calls on the federal government to implement further reforms.
“It is capital that hinders democracy” – Interview (Paywall)
Interview: Nadia Pantel and Maximilian Popp, SPIEGEL, 21.10.2025
Philosopher Lea Ypi draws parallels between the 1930s and today: aggressive nationalism is once again on the rise. Democracy must be defended against billionaires like Elon Musk.
America’s risky bid to make Argentina great again – Opinion (Paywall)
Gillian Tett, Financial Times, 24.10.2025
Treasury secretary Scott Bessent is taking a big gamble with his $20bn swap line to prop up a Trump ally.
Measuring AI’s Economic Impact – Opinion (Paywall)
Diane Coyle, Project Syndicate, 21.10.2025
Despite the hype and vast sums pouring into AI, we still lack convincing evidence that it is transforming the global economy or boosting productivity and growth. Without reliable data on its uses and benefits, we cannot tell whether we are witnessing a genuine transformation or yet another speculative bubble.
Minister Klingbeil to recover billions from banks – Article (Paywall)
Volker Votsmeier, Handelsblatt, 29.10.2025
The Scientific Advisory Board of the Ministry of Finance is calling for the prosecution of stock transactions at the expense of the treasury. The state faces losses in the double-digit billions of euros.
The pay gap for mothers is even wider – Article (Paywall)
Johannes Pennekamp, FAZ, 24.10.2025
In the fourth year after giving birth, mothers earn an average of €30,000 less per year than comparable women without children. That is much more than previously thought. What can be done to counteract this?
Are we worrying too much about public debt? – Opinion (Paywall)
Martin Sandu, Financial Times, 23.10.2025
Aggregate numbers — public or private — are not what should keep you up at night.
Is Economics Promoting Inequality? – Opinion
Kaushik Basu, Project Syndicate, 15.10.2025
Mainstream economics has often underestimated the critical role of trust and cooperation in enabling prosperity. As a result, it has justified and even encouraged the greed, exploitation, and extreme inequality that are eroding political accountability, contributing to rising nationalism, and undermining human well-being.
What we know about the 184 billionaires in Germany – Article (Paywall)
Marilena Piesker and Julius Tröger, DIE ZEIT, 21.10.2025
They are masters of the art of discretion. And their numbers are growing. Now, exclusive data reveals new details about the richest Germans.
“The Greens have made mistakes” – Interview
Interview by Charlotte Kranenberg, TAZ, 19.10.2025
If climate policy is to gain broader social acceptance, the focus must shift to the question of distribution, says sociologist Linus Westheuser.
Europe needs an industrial policy for services – Article
Dani Rodrik, Surplus Magazine, 15.10.2025
Europe must pursue an industrial policy for services. This must eliminate productivity bottlenecks.
Climate neutrality as a driver of growth – Article
Sebastian Watzka, Surplus Magazine, 15.10.2025
An EU climate fund is necessary to achieve climate targets. It also makes economic sense.
Reiche’s battle over gas-fired power plants – Article (paywall)
Marlies Uken and Zacharias Zacharakis, DIE ZEIT, 21.10.2025
Katherina Reiche wants to use billions to promote new gas-fired power plants. A German energy company is now filing a complaint against this in Brussels. And the minister’s plan is faltering.
When will growth return, Mr. Nobel Prize winner? – Interview (paywall)
Interview: Thomas Fischermann and Uwe Jean Heuser, DIE ZEIT, 21.10.2025
Economist Peter Howitt on the promises of artificial intelligence, fears about the future in Europe, and the strange persistence of photocopiers.
What could burst the stock market bubble – Article (paywall)
Victor Gojdka, DIE ZEIT, 23.10.2025
Trillions in assets could simply vanish into thin air – including those of ETF investors. Whether that happens depends on one company: OpenAI. And unfortunately, their payday is approaching.
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.