Wie Deflationen entstehen - und was (nicht nur) die SPD von Brüning gelernt hat

Abstract

During the years 1930 - 1932 the Bruning government tried to fight against the results of the Great Depression with wage cuts and liscal restraint. In this they followed the advice of the neo-classical school of economics. This article shows that the economic policy of both the SPD-Green Federal Government and the SPD-PDS coalition in Berlin is based on the same logic, but - compared to Bruning - with even weaker arguments. As a result the danger of a deflationary spiral will increase.