László Náray, István Zsadányi

Published: 03.04. 2015. (Napi Gazdaság printed, online)

“What is the source of all this trouble? … Yet it looks as if the thing we use to solve our problems (thought) which is the source of our problems.” (David Bohm)

We are now showing that between 1999 and 2007, the market mechanisms of cost-efficiency have resulted in faster inflation in less developed countries than the EU average, this being a natural side effect of development.

While the same spontaneous market process improved the fiscal indicators, it created those private debt mounds in the EU, which triggered self-fulfilling pessimism of neoclassical thinking since 2008.