Germany

In Faust, Part II, Johann Wolfgang von Goethe, who came to be in charge of the Duchy of Weimar’s economy, finances, mines, highways, and waterways, explains the limits of magical money and of the Industrial Revolution, characterised by incessant activity, boundless consumerism, and the destruction of the environment. Max Weber describes the spirit of capitalism and the role of wealth. He defines the typical profile of the entrepreneur and trained government professional. Friedrich List explains in what instance sovereign debt is to be condemned. For Emmanuel Kant, the spirit of trade cannot coexist with war. For Albert Einstein, income tax defies comprehension. Rudiger Dornbush warns that, in economics, dynamics take longer than expected to kick in, but then quickly pick up momentum. Adolph Wagner warns that the more civilised society becomes, the more spendthrift the state becomes. Otto Karl Pöhl famously compared inflation to toothpaste. Helmut Schmidt explains the relation between profits, investment, and employment.