Herbert Giersch

Giersch was considered the most influential German economist during the chancellorships of Willy Brandt, Helmut Schmidt, and Helmut Kohl.

Born in Reichenbach, Silesia, Giersch attended the University of Breslau and the University of Kiel between 1939 and 1942, until he was drafted to serve in World War II. Returning from war captivity, he earned his Ph.D. in economics from the University of Münster in 1948. Giersch received a full professorship at the Saarland University in 1955. In 1969, he succeeded Erich Schneider at the University of Kiel, and held that chair until 1989.

Originally adherent to Keynesian economics in the 1950s and 1960s, he gradually became an advocate of supply-side economics in his later years.

In 1985, Giersch coined the term "Eurosklerose" to describe Europe's political and economic stagnation during the 1970s and 1980s. He was also a co-signatory of the Eurosceptic manifesto "Die währungspolitischen Beschlüsse von Maastricht: Eine Gefahr für Europa" (1992). Additionally, Giersch is credited with introducing the concept of the "Diktat der leeren Kassen" ("dictate of empty coffers"), a political strategy aimed at enforcing cuts in government spending despite public resistance. Rather than directly reducing social expenditures, Giersch advocated for shrinking the state's revenue base through tax cuts, thereby limiting its fiscal maneuverability.