Who Supports the ECB? Evidence from Eurobarometer Survey Data

This paper addresses empirically the still debated issue of the legitimacy of the European Central Bank (ECB) with regard to European polities, presenting evidence on public opinion support for the ECB as elicited from responses in the recent waves of the Eurobarometer survey. We employ a rich set of potential determinants, combining macroeconomic and socio-demographic data in logistic regressions, to explain trust in the ECB. We find that people with higher level of income and education and centre to right-wing political orientation tend to support the ECB, as well as people with optimistic expectations on the economic situation. Moreover, our results indicate that socio-demographic determinants of trust in the ECB dominate macroeconomic ones, in particular inflation performance, by a considerable margin of magnitude and in a quite robust way. The policy relevance of such results is important for ECB’s communication strategy with the EU public, especially in the years ahead of likely reforms of the European Monetary Union (EMU).European Central Bank, communication, legitimacy, determinants of trust, Eurobarometer survey, logistic regression

Public Attitudes towards Central Bank Independence: Lessons From the Foundation of the ECB

This study examines public opinion in 15 European countries, on the proposal to establish an independent European Central Bank (ECB). Using data from Euro- barometer surveys for 1998 to 2000, which included a speci c question on this issue, we show that in ation performance is not su cient to explain people's preference for an independent central bank: personal characteristics and circumstances have a stronger impact, with gender, employment status, education level, income quartiles, and degree of information and civic concern showing particular relevance

Schlock economics

After the collapse of USSR, Communism came to an end in 1990 and Capitalism emerged alone as the only feasible way to organize a modern economy. But the recent financial crisis which erupted in the US and spread almost in the entire globe proved Capitalism as well a failed economic system. Laissez Faire/Non intervention in the market which is the essence of capitalism was the reason for the current financial crisis. The hegemonic west propagates the rules of capitalism through the subject of economics. The professional job of economist is either to create new models or extend the existing one which always gives misleading results for understanding the ground realities of the Universe. For more than 100 years this tradition was unable to give a single solid discovery. Since there is no concept of intervention in the economic affairs of individuals as well as states therefore immoral and unfair practices are used without any hesitation for running the affairs of business. Ground reality exhibits that the science of economics can claim neither scientific laws nor universal truths. In short there is utmost need for reassessing the entire academy of mainstream Economics

Does Bible and Quran Represent the True Word of God, The Economist case against Addictive substances

Policy prescription regarding addictive substances is one of the critical issues facing humanity since time immemorial. It is a universal truth that drug adductors are always trouble makers in terms of creating violence, corruption, incest and numerous other immoral and corrupt activities across the globe. In order to formulate the best and universal policy approach, the present study analyzed the policy prescription of economists and different religions. Christian church like the Jews not only permits but encourage the use of addictive substances in their various religious festivals. Mainstream economists case about addictive substances is based on confusion and contradiction. In sharp contrast Islam consider addictive substances as the mother of all evils and ills. Muslim jurists on one side strictly restrict the production and consumption of addictive substances, while on the other side through moral education its use is discouraged

Schlock economics

Economists are blind to reality which is evident from the recent financial crisis. The superstructures of mainstream economics are based on scarcity of resources, pursuit of self-interest, and the policy of Laissez Faire. Ground reality exhibits that there is no such thing like scarcity of resources but rather abundance of resources. In the earth there are enough resources for everyone needs but not enough resources for everyone greed. Self interest makes individual indifferent to collectiveness. Humans which are the best among all creatures lose the ability to see beyond self interest and behave like animals. Similarly Laissez Faire/non intervention gave the humanity a free hand for using immoral and unfair practices. Multilateral institutions like the World Bank and IMF (Washington Consensus) made this philosophy of Laissez-Faire via free trade, freedom of capital movements and unrestricted access by multinational firms to markets around the globe as the policy prescription for the exploitation of third world countries. In research the professional job of economist were either to create new models or extend the existing one which was unsuccessful until today for giving a single solid discovery. Ground reality exhibits that the science of economics can claim neither scientific laws nor universal truths. It is a well known fact that the laws of economics are based on discredited fairy tales

Culture, Economics and Drugs addiction

Drug use is one of the pressing issues facing humanity since time immemorial. Ground reality exhibits that there are linear association of drug use with violence, corruption, incest and numerous other immoral activities. Towards drugs addiction the policy approach of economists are based on confusion. As usual on one hand economists encourage the prohibition of drug use, while on the other hand another influential group of economists apply the philosophy of market economy. They advocate that all inebriating materials should be legalized. In the economic case towards drug use, one cannot draw a clear line whether prohibition or legalization will be the best policy approach. Christianity which is considered as one of the universal religion encourages the use of drugs through the rite of Eucharist, Sacred Meal, and Holy Communion. In contrast Islam prohibits every type of inebriating materials including alcohol as extremely harmful, which is confirmed by the finding of recent scientific research. In Islamic societies on one hand there is a strict prohibition on the production of drugs, while on the other hand through moral education they discourage the use of drugs

Does Noe-liberalism or Islam Better Serves the Humanity

Fukuyama described the triumph of neoliberalism over rival ideologies, as the end-point of mankind ideological evolution and the universalization of western liberal democracy as the final form of human civilization. Muslims believes that Islam already provided the best and everlasting ideology for the welfare of humanity. The logic of Islam is based on the intervention, whilst neoliberalist believe in non-intervention. Using the methodology of library research, this study investigated whether neoliberalism or Islam better serves the greatest interest of the greatest numbers in case of alcoholic drinks. Ground realities exhibits that neoliberalism is attributable to the greatest harm to the greatest number while in the dogma of Islam there is an all-time greatest benefit to the greatest number

Does Noe-liberalism or Islam Better Serves the Humanity

Fukuyama described the triumph of neoliberalism over rival ideologies, as the end-point of mankind ideological evolution and the universalization of western liberal democracy as the final form of human civilization. Muslims believes that Islam already provided the best and everlasting ideology for the welfare of humanity. The logic of Islam is based on the intervention, whilst neoliberalist believe in non-intervention. Using the methodology of library research, this study investigated whether neoliberalism or Islam better serves the greatest interest of the greatest numbers by taking the case of alcoholic drinks. Ground realities exhibits that neoliberalism is attributable to the greatest harm to the greatest number while in the dogma of Islam there is an all-time greatest benefit to the greatest number

Pragmatism, Neoliberalism OR Islam, The case of Alcoholic Beverages

Fukuyama described the triumph of neoliberalism over rival ideologies, as the end-point of mankind ideological evolution and the universalization of Western liberal democracy as the final form of human civilization. Muslims believes that Islam already provided the best and everlasting ideology for the welfare of humanity. The logic of Islam is based on the intervention, whilst neoliberalist believes in non-intervention. Using the methodology of library research, this study investigated whether neoliberalism or Islam better serves the greatest interest of the greatest numbers by taking the case of alcoholic drinks. Ground realities exhibit that neoliberalism is attributable to the greatest harm to the greatest number while in the dogma of Islam there is an all-time greatest benefit to the greatest number