Erhard was a man who had his moment in history and grasped it. As head of the Economic Department of the administration which preceded the creation of the Federal Republic of Germany, he was the author of the decision to combine the currency reform of 1948 with the abolition of rationing, and of restrictive regulations concerning production, distribution and capital movements. Many have argued that Germany’s ‘economic miracle’ (and not less the political miracle) owes much to these decisions which at the time were regarded as either unrealistic or indefensible by many, including the Occupation Powers.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Erhard was a man who had his moment in history and grasped it. As head of the Economic Department of the administration which preceded the creation of the Federal Republic of Germany, he was the author of the decision to combine the currency reform of 1948 with the abolition of rationing, and of restrictive regulations concerning production, distribution and capital movements. Many have argued that Germany’s ‘economic miracle’ (and not less the political miracle) owes much to these decisions which at the time were regarded as either unrealistic or indefensible by many, including the Occupation Powers." in the context of "Ralf Dahrendorf, quoted in The New Palgrave Dictionary of Economics (1987), pp. 1-2" to mean that wisdom is timeless.