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Note that the argument against the Euro today is that "periphery" nations actually should devaluate strategically.<br /><br />In general, the purpose of the EU laws is to forbid economic nationalism: for example, suppose that the italian governments wants to provide a "cash for clunkers" program in order to help italian car manifacturers; the rational strategy would be to offer such program only for italian made cars. The EU however prohibits this behaviour because it would be unfair to the industry of other european nations.<br />Actually I think that the italian government can't even choose to buy italian made cars, but has to run some public contest in order to choose which car to buy, or it would be considered a form of illicit subsidy to home industry from the point of view of the EU.<br /><br />The EU was born in the aftermat of WW2, as many people realised that the economic nationalism and mercantilism of the thirties was one of the causes of the war; therefore anything that looks like mercantilism/state subsidies to own economy is enemy number 1.<br />Competitive devaluation is a form of mercantilism, so the euro blocked it.<br /><br />I think that those concerns are reasonable and I'm quite dubious of the idea that a breakup of the euro would be a good move, precisely because I think it would be just the start of an upsurge of intra-european mercantilism.<br /><br />From my point of view, the best choice would be: keep the euro, but the ECB prints a lot of euroes so to generate inflation, governments use this printed money to keep wages high so that wages (in all europe, not only in Germany) increase faster than inflation (a rising wage share of total output). Unfortunately it seems a pipe dream.misterMrhttp://gemito2073english.blogspot.it/noreply@blogger.comtag:blogger.com,1999:blog-5154389358831836369.post-36128390601385868952015-01-06T16:00:11.581-05:002015-01-06T16:00:11.581-05:00A related question. When looking for a source for ...A related question. When looking for a source for the pervasive pro-theory anti-history bias in orthodox economics I found a passage from Keynes (IIRC) stating unequivocally that investors could not forecast the future by looking at the past. From this non-economist's perspective, the orthodoxy seems to misread this as a strict logical proof of the need for theory. Has this been explored? Assuming it isn't stupid (hard for me to judge). Thornton Hallhttps://www.blogger.com/profile/11402495641975262697noreply@blogger.com