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Rolf Weder on economics as a scapegoat

The participants at the World Economic Forum in Davos devoted part of their discussions to the question of whether the science of economics has played a part in the current economic crisis. But instead of pinning the blame on faulty economic analyses politicians should first tidy up their own back yards, writes economist Rolf Weder in the conservative Basler Zeitung: "For years economists have been pointing out that where property rights are lacking, such as with globally owned goods like the world's oceans and climate, the market cannot function correctly. And so economists have constantly admonished politicians to introduce rules on a global level. For their part, however, the politicians have done just the opposite. In this way the global fishing industries have been subsidised with billions upon billions, rather than being taxed so as to prevent the over-fishing of the oceans. In my view the ladies and gentlemen present at Davos should devote much more of their time to such matters, rather than eternally discussing the role of our discipline in the debt and euro crisis."

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