Suchergebnisse

Die 23 Beiträge dieses Bandes zeichnen Aspekte der Entwicklung seit Anfang der 60er Jahre nach und konfrontieren die reale Entwicklung mit den Erwartungen an die gesellschaftspolitische Problemlösungsfähigkeit betrieblicher Personalplanung. Dabei wird insbesondere auch auf die Situation der "Bewährungsprobe" des personalplanerischen Instrumentariums während der Rezession 1974/75 eingegangen. Grundlage ist eine Befragung von über 3500 Betrieben in der BRD. Erfahrungsberichte aus der betrieblichen Praxis sowie Diskussionsbeiträge von Gewerkschaftern und Arbeitsmarktpolitikern beleuchten aus unterschiedlicher Perspektive die Bedeutung betrieblicher Personalplanung für die Betriebe in der aktuellen arbeitsmarktpolitischen Situation, ihre Funktion im Prozeß der Interessenauseinandersetzung zwischen Arbeitgebern und Arbeitnehmern sowie ihre tatsächliche und mögliche Rolle für die Arbeitsmarktentwicklung. (MH2)

This paper relies on a Ramsey model with money to o¤er a simple theory of secular stagnation. The permanent failure of the economy to produce at full capacity results from three features: (i) The combination of the zero lower bound on the nominal interest rate and of an in ‡ation ceiling imposes a lower bound on the real interest rate; (ii) Some dynastic households have a high propensity to save, due to a preference for wealth; (iii) A downward wage rigidity breaks the de ‡ationary spiral resulting from the lack of demand. In this framework, I derive the paradox of ‡exibility, of thrift, and of toil. If the in ‡ation ceiling cannot be raised, then the government needs to rely on …scal policy to escape secular stagnation. However, a conventional …scal stimulus is not an e¢ cient response to a permanent liquidity trap, and can even be welfare reducing. The solution is instead to tax household wealth and to subsidize income from physical capital, through an investment subsidy or a reduction in the taxation of corporate income. This optimal policy is revenue neutral and implements the …rst-best allocation of resources. However, to avoid a jump in the price level upon implementation of the optimal policy, the government needs to redeem the money that had previously been supplied to …nance public de…cits.

This paper relies on a Ramsey model with money to o¤er a simple theory of secular stagnation. The permanent failure of the economy to produce at full capacity results from three features: (i) The combination of the zero lower bound on the nominal interest rate and of an in ‡ation ceiling imposes a lower bound on the real interest rate; (ii) Some dynastic households have a high propensity to save, due to a preference for wealth; (iii) A downward wage rigidity breaks the de ‡ationary spiral resulting from the lack of demand. In this framework, I derive the paradox of ‡exibility, of thrift, and of toil. If the in ‡ation ceiling cannot be raised, then the government needs to rely on …scal policy to escape secular stagnation. However, a conventional …scal stimulus is not an e¢ cient response to a permanent liquidity trap, and can even be welfare reducing. The solution is instead to tax household wealth and to subsidize income from physical capital, through an investment subsidy or a reduction in the taxation of corporate income. This optimal policy is revenue neutral and implements the …rst-best allocation of resources. However, to avoid a jump in the price level upon implementation of the optimal policy, the government needs to redeem the money that had previously been supplied to …nance public de…cits.

This paper relies on a Ramsey model with money to o¤er a simple theory of secular stagnation. The permanent failure of the economy to produce at full capacity results from three features: (i) The combination of the zero lower bound on the nominal interest rate and of an in ‡ation ceiling imposes a lower bound on the real interest rate; (ii) Some dynastic households have a high propensity to save, due to a preference for wealth; (iii) A downward wage rigidity breaks the de ‡ationary spiral resulting from the lack of demand. In this framework, I derive the paradox of ‡exibility, of thrift, and of toil. If the in ‡ation ceiling cannot be raised, then the government needs to rely on …scal policy to escape secular stagnation. However, a conventional …scal stimulus is not an e¢ cient response to a permanent liquidity trap, and can even be welfare reducing. The solution is instead to tax household wealth and to subsidize income from physical capital, through an investment subsidy or a reduction in the taxation of corporate income. This optimal policy is revenue neutral and implements the …rst-best allocation of resources. However, to avoid a jump in the price level upon implementation of the optimal policy, the government needs to redeem the money that had previously been supplied to …nance public de…cits.

Sixty-five years have passed since the end of World War II. It is timely to reflect upon this short but curious Japanese economic history, beginning with the extreme hunger and poverty in the late 1940s, followed by quick recovery and "miraculous" growth since the late 1950s, to the first oil shock in 1972, slow growth in the reset of the 1970s and 1980s, and finally almost complete stagnation over the last two decades. This book attempts to make sense of Japan's economic history for these past sixty-five years

"The balance of the world economy is shifting away from the established economies of Europe, Japan, and the USA, towards the emerging economies of Asia, especially India and China. With contributions from some of the world's leading growth theorists, this book analyses the long-term process of structural change and productivity growth across the world from a unique comparative perspective. Ongoing research from the World KLEMS Initiative is used to comparatively study new sources of growth - including the role of investment in intangible assets, human capital, technology catch-up, and trade in global value chains. This book provides comparisons of industries and economies that are key to analysing the impacts of international trade and investment. This makes it an ideal read for academics and students interested in understanding current patterns of economic growth. It will also be of value to professionals with an interest in the drivers of economic growth and crisis"--

Paul M. Sweezy wrote in 1982, "it is my impression that the economics profession has not yet begun to resume the debate over stagnation which was so abruptly interrupted by the outbreak of the Second World War." Thirty years later things appear to have changed. Former U.S. Secretary of Treasury Larry Summers shocked economists with his remarks regarding "stagnation" at the IMF Research Conference in November 2013, and he later published these ideas in the <em>Financial Times</em> and <em>Business Economics</em>.&hellip; Summers's remarks and articles were followed by an explosion of debate concerning "secular stagnation" [which] can be defined as the tendency to long-term (or secular) stagnation in the private accumulation process of the capitalist economy, manifested in rising unemployment and excess capacity and a slowdown in overall economic growth&hellip;. Responses to Summers have been all over the map, reflecting both the fact that the capitalist economy has been slowing down, and the role in denying it by many of those seeking to legitimate the system.<p class="mrlink"><p class="mrpurchaselink"><a href="http://monthlyreview.org/index/volume-67-number-4" title="Vol. 67, No. 4: September 2015" target="_self">Click here to purchase a PDF version of this article at the <em>Monthly Review</em> website.</a></p>