The Chair of Economics, especially Intergenerational Economic Policy, was donated to the WHU - Otto Beisheim School of Management by the Association of family members - ASU and some of its individual members to the autumn semester 2014. The chair's purpose is to strenghten research and teaching in the subject area of longevity and sustainability of economic and social policies. The focus is on future and long-term consequences of current questions questions regarding the field of economic policy.
For most economic and social reforms proponents and opponents claim to argue in favor of more intergenerational justice. Intergenerational justice, however - to paraphrase F. A. von Hayek - is just another weasel word as the term "social justice". As it is well known, the weasel sucks chicken eggs in such a way that the shell remains. The situation is similar with the above conceptions of justice: since everyone else can interpret them differently, they are actually so meaningless as sucked eggs.
The newly endowed chair will now raise awareness in the classical sense. Economic and social reforms are to be analyzed concerning the question which generations are affected to what extent and how this affects the sustainability of our social system. In order to do so proven statistical measurement and simulation methods in economics will be used. Citizens and society can then decide for themselves what they perceive as fair based on the empirical results. Science can just provide the facts. This basic approach can be applied to all aspects of social policy such as pensions, health and long term care, on issues such as public infrastructure or the environment. It applies not only in relation to Germany, but also in an international context.