In this paper, we attempt to estimate the development of the Greek public debt for the period 2018–2022. In order to achieve this, we analyze three different fiscal scenarios that are based on the official data available, together with our estimations that are based on a specific conceptual framework that we develop. The three scenarios are based on a different mixture of Gross domestic product (GDP) growth rates and budgetary surpluses of GDP. The analysis concludes that the numerical outcome is almost the same in all three case scenarios. However, the third scenario is the best since it leads to higher growth, GDP, and less austerity measures, and thus making public debt sustainable in the long run. The third scenario also provides the best combination of the trade-off between austerity and growth. We conclude by discussing some policy measures.
Business administration argues that means-end-analysis in the interest of firms does not need to take the interests of other actors into account. Its implicit or explicit reason is that there is a harmony between firm goals and the interests of other actors. This study objects from a critical rationalist perspective that such harmony hypotheses are not empirically confirmed. Because of this, actors are not truly free to pursue their own interests. Instead, this study argues that actors on markets are allowed to pursue their own interests as long as they consider the legitimate interests of other actors at the same time. The study goes on to show how business administration should analyze means-end-statements that try to realize this market value.
How many refugees should the German society accept? Which ethical criteria are to be considered in the process of deliberation? Given current ambivalence between principled openness and consequent limitation of migration both in the secular and in the Christian ethical debate, this article develops biblical–theological guidelines for the foundation of a viable migration ethic. Part one reflects on central biblical texts discussing migration and asylum seekers giving attention both to the imperatives to welcome, support and love foreigners and to their warnings against religious apostasy stemming from the acceptance of strangers. Part two poses the hermeneutic question of relevance of biblical theology for a contemporary Christian migration ethic: How can a post-Christian society in a modern pluralistic state benefit from a biblically supported Christian migration ethic? – After working our path through both these levels of discussion, the article delineates selected criteria for a contextually relevant Christian ethic of migration.
Putting the economic and social–ethical thought of Rosmini in relationship to the German tradition of social market economy, either a pertinent collocation of the liberal catholic thinker Rosmini or new perspectives for the concept of social market economy, which is in search for a new identity, have been made. The justification of this paper lies in the fact that Rosmini introduced the idea of social justice right in the sense of social market economy, on the one hand, and in the way in which the late 19th-centrury economic theory in Italy received his economic thought, on the other hand. Hence, despite his theoretical and cultural distance from Röpke, both have many interesting economic reflections in common.
From the very beginning of civilization, economic reality and words have been intertwined with religions and vice versa. It would be enough to think at the phenomenon of sacrifice, that is, the first “language” that religions used to communicate with the divine. In the Western culture, a deep cross-fertilization between theology and oikonomia has occurred in both the Old and the New Testament. In addition, modern political and civil economy, namely the Northern and Southern European economic traditions, can be properly understood in relation to Christian religion in its Catholic and reformed humanisms. These two different spirits of capitalism have still important effects in today’s US and EU ways of understanding the nexsus between market and society. In this paper, the author explores some of the issues where these differences in spirit are more relevant (i.e., gratuitousness and meritocracy) and then concludes with some hints about the nature of a different “spirit” of capitalism, that is coming from the Catholicism.
This paper presents different historical and systematical approaches to point out the relationship between Catholic social teaching and social market economy. A fundamental connection between Catholic social teaching, ordoliberalism, and the market order is given in more detail. It becomes clear that not every form of capitalism is suitable for Catholic social teaching. However, the so-called “Rhenish capitalism”, i.e., social market economy, is the form of market economy that best coincides with the criteria of Catholic social teaching. This paper examines the anthropological and ethical foudations of the economic order in a detailed manner, especially of the economic order, especially the fundamental value of freedom as well as the notion of social justice by taking into account the importance of an ethos and an institutional framework. The idea of social market economy has to face current challenges and future perspectives which prove that – from an ethical point of view – the center of this discussion is the question of ineluctable standards of humanity and justice.
Tractatus de contractibus shows that there are mainly three fundamental economic views that characterize the originality and the acuteness of Olivi’s thought: a subject-based theory of value, a theory of just price, and the theoretical–systematic use of the concept of capital. Olivi’s distinction between simply sterile money and fertile, lucrative money – called capitale (capital) – is central. His – at that time – revolutionary thought challenges the theory of money as a mere means of exchange; he acknowledged the legitimacy of trade and the added value (valor superadiunctus) of capital. Thus, he allowed a price as compensation or as remuneration for the owner’s foregone use of the capital. This is not a mere scholastic subtlety, but it is a serious attempt to grasp different phenomena with different concepts.