I do miss is the lack of understanding that the switch of the Drachma to Euro's
did mean a switch from a devaluation economy to one without that
possibility.You can't switch from
diesel to gasoline without switching the engine. Greece kept on using the same
It doesn't quite hit the mark, though. Both, a diesel engine and a gasoline engine fulfill the objective of an engine equally well --- i. e. to move the car. If one defines the objective of an economy to increase the economic well-being of all, then I would argue that a devaluation economy does not fulfill this objective equally well as one without that possibility. By and large, there is no free lunch in an economy; someone always pays the bill. In a devaluation economy, a lot of people are paying the bill without knowing that they do.
Still, Greece's challenge is to change the engine. If Greece cannot meet this challenge, a devaluation economy may become the lesser evil.