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Productivity Crisis: Is Europe A Basket Case?
Many Happy Returns
Innovate, Don't Centralize
Current political trends in Europe show resistance to common debt issuance and centralization, highlighting a skepticism towards bureaucratic control over funding. Critics argue that money given to bureaucrats could be wasted, yet historical successes such as CERN demonstrate that well-funded research centers can lead to technological innovation when collaborative minds come together. The focus should be on fostering these innovation hubs rather than simply increasing bureaucratic funding. Additionally, Europe faces the challenge of over-relying on banks for company financing, which may hinder support for innovative enterprises as banks are often not suited for this purpose.
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