The main tenets of Erhard’s programme still apply today. Lax fiscal policy and monetary stimulus do not result in long-term, sustainable economic growth. Prosperity is ultimately a result of increasing productivity. Low taxes, low inflation, monetary rigour and the uninterrupted operation of the free market are essential in order to achieve success.

Of course, it is hard to deny the reality-shaping capacity of words and phrases. The realities construed through public discourse can in turn influence people’s attitudes, for example attitudes towards vaccination, or voting choices. The way things are spoken about in public may even affect the outcomes of elections, as we have seen time and again.