The crisis behind the crisis

Abstract

The present crisis is a financial crisis only at the surface. In actual truth there is a much more consequential growth crisis behind it. This "view point" discusses why this is so and what consequences follow from this diagnosis when seeking for remedies for the crisis. Particular attention is given in the discussion to the fact that the crisis occurs just at a time when the necessity to cope with the climate change is getting ever more pressing. © 2012 Elsevier B.V. All rights reserved.