Whether we are top managers, shop-floor workers, parents or singles – we constantly face difficult decisions between our immediate self-interest and the benefits of a wider public. This wider public may consist of distant family members, our employees or strangers in far away countries whom we prefer only to know via television. In Germany, we … Continue reading On Being a Hypocrite | ethics
No project in government or business gets done these days without a “business case”. It´s a glorified term for a calculation that shows that an enterprise makes commercial sense. Or maybe not. Most of the time business cases recommend changing the status quo through some industrious effort in combination with wisely deployed bundles of cash. … Continue reading The fallacy of (most) business cases
There is a common perception that money which is generated by quantitative easing flows into business or the stock market through some direct transmission mechanism. “The stock market must go higher with 1 trillion of funds flowing into it“ is an often repeated statement. This transmission mechanism is rarely questioned and it doesn´t really exist … Continue reading Quantitative Easing
One of the advantages of not being in academia is that one can err generously and doesn´t have to prove itty bitty details by comprehensive empirical studies in order to conclude that “it all depends”. The downside certainly is that most writing can only be shared with an audience of one. Since writing my seminal … Continue reading Is the market fairly valued?