Economists are believing their own hype about Money Illusion and optimum currency area. Greece is part of Europe, the days of ancient Greece and Alexander the Great are over, Europe is the strict venue for Greece, Spain, and the rest. Ireland might be the odd ball here.
Greece, since Roman times, has had to adapt to the European system. Without or without a common currency the adjustment process is in totality the same. If Greece had its own currency, it would undergo periodic adjustments just the same.
Trade in Europe periodically restructures. Greece and Germany can adjust to each other less frequently but more severely, or visa versa, depending on whether they structure the relationship with common money or separate money. There are optimum currency areas, but the utility of money is great enough to accommodate the Euro.
The Keynesians and Money Illusionists simply suffer from a fear that Europe will descend back into civil war or produce another fascist uprising because they won't be able to stop the momentum of rapid and severe adjustments.
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