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Frank

Just a quick reminder that Keynesianism implies paying back the debts you made in times of recession during times of boom.

Johannes

Actually, there are a few Keynesian economists in Germany, but they have been marginalized during the last 20-30 years. Among the "Wirtschaftsweisen" only Bofinger is a Keynesian, but also Gustav Horn (of the labor union's Hans-Böckler-Foundation) and Heiner Flassbeck (co-worker of Lafontaine during the latters brief spell as minister of finance and now with UNCTAD in Geneva).
Unfortunately, the government is hardly influenced by these dissenting voices.

But despite the austerity claims NOW (especially for southern Europe) the (CDU/SPD) German government employed certain Keynesian measures when the crisis struck four years ago, namely the Abwrackprämie as incentive to buy new cars and the support of temporary part time work (Kurzarbeit) to avoid a rise in unemployment.

From the New Yorker about the failure of the austerity measures in Britain

http://www.newyorker.com/online/blogs/comment/2012/12/austerity-economics-doesnt-work.html?mobify=0

Junger Gott

Well, it's not like Europe had never embraced Keynesian deficit spending. It was basically the answer for the economic crises of the late 60's and early 70's.

However, that's also when politicians and economists alike discovered a major flaw: There is no really exit strategy as it is often not that clear when an economic downturn is officially over and the spending can be turned off again. And even if you do, taking money away you'd been giving out before will often become next to politically impossible. These experiences is what seems to make many people in nations where they have gone Keynesian before a bit weary.

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