Professor Lars Feld
Economist, University of Freiburg i. Br.
Economic crises of the future
The word ‘crisis’, particularly the economic kind, is bandied around so much that it has lost its power. Structural changes are at the centre of progress towards something better. Just as little as doctors are drawn to the naive hope that patients might come out of an illness stronger than before can economists view crises as structural changes that strengthen the economy. However, economists’ prognoses regarding the triggers, the date, the duration and the characteristics of future crises suffer from these not occurring regularly enough. This has methodical implications and also impels us towards modesty. Yet: What’s going on in the economy? Are we already experiencing the next crisis?
Lars P. Feld, born in 1966, is a university professor of economics, in particular economic policy and the economics of order, at the Albert Ludwig University of Freiburg, as well as the director of the Walter Eucken Institut. He is also a member of the German Council of Economic Experts, member of the Academic Advisory Council of the Federal Ministry of Finance, member of the Advisory Board to the Stability Council, spokesman for the Kronberger Kreis (Scientific Advisory Board of the Market Economy Foundation), and full member of the German Academy of Sciences Leopoldina (National Academy of Sciences).