Background
Giersch, Herbert Hermann was born on May 11, 1921 in Reichenbach, Germany. Son of Hermann and Helene (Kleinerl) Giersch.
(Herbert Giersch's contribution to economics has ranged wi...)
Herbert Giersch's contribution to economics has ranged widely over international economics, European integration and the economics of entrepreneurship. This book presents in one volume a selection of some of his most important essays and papers. It encompasses the gradual evolution of his work from its beginnings to his most recent contributions to the debate on the future of the European Economic Community. It contains some of his most significant work during the last 30 years and includes material that is not widely available. It should be an essential reference point for all economists concerned with entrepreneurship, the world economy and Europe.
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(This book provides a lucid account of economic policy in ...)
This book provides a lucid account of economic policy in West Germany from the late 1940s up to the present, including the new challenges presented by the unification of the two German states in 1990. The authors describe and evaluate the major policy controversies and decisions, and place particular emphasis on the characteristically German institutions of policy counseling and their role in policy formation.
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( Herbert Giersch is one of Germany's most prominent econ...)
Herbert Giersch is one of Germany's most prominent economists and an outstanding contributor to the debate on European economic policy. Openness for Prosperity brings together his major essays in macroeconomic policy, written or published over the past two and a half decades. In these twenty nontechnical essays, Giersch clearly demonstrates the essential connection between theoretical academic research and the creation of economic policy, reflecting his belief that the study of economics should lead to improvement of the social order and of the quality of human life. Some of the policy positions that Giersch favors are free trade, limits to government, and openness of economies to future possibilities.The chapters are arranged in two parts with the first focusing on economic growth and structural change and the second on issues of monetary policy, inflation, and exchange rates. The essays are arranged chronologically according to the dates of publication or writing to suggest how topics and emphases have changed over time.The first part, reflecting Giersch's support of Schumpeter's views, includes essays on aspects of growth, protectionism in foreign trade, the role of entrepreneurship in the 1980s, prospects and problems for European economic integration in the 1990s, the lessons to be learned from West Germany's transition to a market economy, and the author's vision of the European and world economies at the end of this century. In the second part, essays address such issues as flexible exchange rates, indexation, IMF surveillance over exchange rates, neglected aspects of inflation, the effect of central bank independence on monetary policy, and the relationship between real exchange rates and comparative economic growth.Herbert Giersch is Past President of the Institut für Weltwirtschaft (Institute of World Economics) and Professor Emeritus of Economics at the University of Kiel, Germany.
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Giersch, Herbert Hermann was born on May 11, 1921 in Reichenbach, Germany. Son of Hermann and Helene (Kleinerl) Giersch.
Doctor of Economics and Social Sciences, University Munster. Doctor (honorary), University Erlangen. Doctor (honorary), F. University Baslo.
Doctor (honorary), University Saarbrucket.
Assistant to professional University Munster, 1948, 50, privatdozent, 1950-1952. British Council fellow London School of Economics, 1948-1949. Administrator economics directorate Organization of European Economic Cooperation, 1950-1952, counselor, head division trade and finance directorate, 1953-1954.
In charge economics chair Technische Hochschule, Brunswick, Germany, 1954. Professor economics University Saarbrucken, 1956-1969, University Kiel, 1969-1989, professor emeritus, from 1989. Visiting professor economics Yale University, 1962—1963, 1977—1978.
Member German Economic Expert Council, 1964—1970. President Institute World Economics, 1969—1989. Chairman Association German Economic Research Institutions, 1970—1982.
Founder Herbert Giersch Foundation, 1998.
(This book provides a lucid account of economic policy in ...)
(Herbert Giersch's contribution to economics has ranged wi...)
( Herbert Giersch is one of Germany's most prominent econ...)
Author: Acceleration Principle and Propensity to Import, 1953, The Trade Optimu, 1957, Allgemeine Wirtschafts politik, 1977, Growth, Cycles and Exchange Rates -- the Experience of West Germany (Wicksell Lecture), 1970, Kontroverse Fragen der wirtschaftspolitik, 1971, Indexation and the Fight Against Inflation, 1973-1974, The European Community and the World Economy (Spaak Lecture), 1976, Im Brennpunkt: Wirtschaftspolitik-kitische Boitrage von, 1967-1977, 1978, A European Look at the World Economy (Macinally Lecture), 1978, Deutsche Wirtschaft wonin, 1980, Aspects of Growth, Structural Change and Employment-A Schumpeterian Perspective, 1979, Die Rolle der reichen Lander in der wachsenden weitwirtschaft, 1980, Problems of Adjustment to Imports from Loss-Developed Countries, 1981, Rationality in Political Economy, 1981, Wqachstum durch dynamischen Wettbewerb, 1982, Schumpter and the Current and Future Development of the World Economy, 1982, Arbeit, Lohn und Produktivitat, 1983, The World Economy in Perspective: Essays on International Trade and European Integration, 1991. Author: (with others) The Fading Miracle: Four Decades of Market Economy in Germany, 1992, Openness for Prosperity, 1993, Marktwirtschaftliche Perspektiven für Europa, 1993, Abschied von der Nationaloekonomie, 2001.
My research efforts have been directed at improving economic policies. A straightforward proposal to complement the West German currency reform by a scheme of compensating for war damages (1948) was implicitly based on the principle ‘redistribute now, grow later’. In search of more roundabout and hence more effective ways of approaching policy problems, I chose to look at growth in open economies from the angle of location theory and applied the latter to identify some effects of European economic integration (1949) and to understand what transportation costs meant for trade and welfare
(1956) and for the regional distribution of incomes (1958).
The notion of a region’s development potential was introduced as a criterion for evaluating regional policy in a growth context (1963). Concern about demand management in an open economy arose from Organisation of European Economic Co-operation experience during the 1950 German balance of payments crisis, which induced me to apply the acceleration principle to evaluate the demand for imports (1953). Work on a textbook (1961) which led me into the methodology of policy advice was perhaps instrumental to becoming a foundling member of the German Council of Economic Advisers, where I was stimulated to develop the concepts of stabilisation without stagnation, cost-neutral wage policy, and demand-neutral exchange rate revaluation.
The anticipated breakdown of Bretton Woods made me think about entrepreneurial risk under flexible exchange rates, the event itself about International Monetary Fund surveillance.
Issues of supply and structural change, summarily dealt with in 1963, were
given weight in the Kiel Institute’s research programme after 1970 and in later publications. The slowdown of economic growth induced me to adopt a Schumpeterian perspective which appears to me more appropriate for identifying and tackling emerging policy problems. Together with Schumpeter, Thiinen helped me in forming a centre-periphery view of the world economy, encompassing growth, resource transfer and trade.
Member International Economic Association, American Economic Association (honorary), Order Pour le Mérite für Wissenschaften and Künste.
Married Friederike Koppelmann. 3 children.