Conclusion
In conclusion let me summarise: the world economy can be made to move again, perhaps not as fast as in the phase before 1973. But to this end many efforts, now absorbed in counterproductive distribution quarrels and in actions to defend indefensible positions, will have to be redirected in favour of future-oriented activities in markets that ought to be open. Economics can help in supplying the necessary orientation. Such orientation requires less than forecasting in positive economics, which has achieved scientific dignity. It is merely a kind of “normative pattern prediction” but perhaps not very much less useful.
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Giersch, H. Perspectives on the world economy. Weltwirtschaftliches Archiv 121, 409–426 (1985). https://doi.org/10.1007/BF02708180
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DOI: https://doi.org/10.1007/BF02708180