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Saving and Investment in the Twenty-First Century - The Great Divergence (Paperback, 1st ed. 2021)
Loot Price: R1,370
Discovery Miles 13 700
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Saving and Investment in the Twenty-First Century - The Great Divergence (Paperback, 1st ed. 2021)
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Donate to Against Period Poverty
Total price: R1,380
Discovery Miles: 13 800
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The economy of the 21st century in the OECD countries and in China,
is characterized by a new phenomenon: the structural surplus of
private savings in relation to private investment. This is true
even in a situation of prosperity and very low interest rates. On
the one hand, this excess saving is due to people's increasing
inclination to save in light of rising life expectancy, driven by
the desire to have sufficient assets in old age. On the other hand,
the demand for capital is not increasing to the same extent, so
that investment is not keeping pace with the rising desire to save.
The resulting gap between the private desire for wealth and private
investment can only be closed by increasing public debt. This open
access book offers a new, capital-theoretical perspective on the
macroeconomic relationship between desired wealth and investment,
and it presents new empirical data on private wealth and its
composition in the OECD plus China area. The authors argue that a
free economic and social order can only be stabilized if the wealth
aspirations of individuals are met under conditions of price
stability. This is not possible without substantial net public
debt. A new way of thinking about the economy as a whole is
required. By way of an in-depth theoretical and empirical analysis,
the book demonstrates this new way of thinking and describes the
current challenges facing economic policy. It will appeal to
economists and students of economics who are interested in
macroeconomic theory and its economic policy implications. An
impressive, and convincing theoretical dive into the fundamentals
behind secular stagnation, with very strong implications for actual
debt policy. Public debt may be needed to improve welfare. -
Olivier Blanchard, Senior Fellow at the Peterson Institute for
International Economics and Professor of Economics Emeritus at
Massachusetts Institute of Technology (MIT). Chief Economist at the
International Monetary Fund from 2008 to 2015. Saving and
Investment in the Twenty-First Century gives a wholly new
perspective on macroeconomics. (...) Weiz sacker and Kramer
describe a simple, practical solution to the underemployment that
has plagued Southern Europe for more than a decade. - George
Akerlof, Nobel Laureate in Economics, 2001. Professor at the
McCourt School of Public Policy at Georgetown University and
Professor of Economics Emeritus at the University of California,
Berkeley. This is a profound and original contribution that can
help us to understand and act on the great issues of our times. -
Nicholas Stern, Grantham Research Institute on Climate Change and
the Environment at the London School of Economics. Author of the
Stern Review Report on the Economics of Climate Change. Chief
Economist at the World Bank from 2000 to 2003.
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