LEADER 05334nam 22008053u 450 001 9910488714503321 005 20230912174257.0 010 $a3-030-75031-0 035 $a(CKB)5590000000518445 035 $aEBL6660156 035 $a(OCoLC)1258675585 035 $a(AU-PeEL)EBL6660156 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/71288 035 $a(MiAaPQ)EBC6660156 035 $a(MiAaPQ)EBC31282187 035 $a(Au-PeEL)EBL31282187 035 $a(EXLCZ)995590000000518445 100 $a20220617d2021|||| u|| | 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aSaving and Investment in the Twenty-First Century $eThe Great Divergence 205 $a1st ed. 210 $aCham $cSpringer International Publishing AG$d2021 215 $a1 online resource (351 p.) 300 $aDescription based upon print version of record. 311 $a3-030-75030-2 330 $aThe 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. (...) Weiz­säcker and Krämer 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. 606 $aMacroeconomics$2bicssc 606 $aPolitical economy$2bicssc 606 $aPublic finance$2bicssc 606 $aInternational economics$2bicssc 606 $aEconomic history$2bicssc 610 $aMacroeconomics/Monetary Economics//Financial Economics 610 $aEconomic Policy 610 $aPublic Finance 610 $aInternational Economics 610 $aHistory of Economic Thought/Methodology 610 $aMacroeconomics and Monetary Economics 610 $aHistory of Economic Thought and Methodology 610 $aCapital supply, capital demand 610 $aPublic debt 610 $aDemography 610 $aNeo-Austrian capital theory 610 $aKeynesian economics 610 $aPrivate savings 610 $aPrivate investment 610 $aInterest rates 610 $aMacroeconomics 610 $aOpen Access 610 $aMonetary economics 610 $aPolitical economy 610 $aPublic finance & taxation 610 $aEconomic history 615 7$aMacroeconomics 615 7$aPolitical economy 615 7$aPublic finance 615 7$aInternational economics 615 7$aEconomic history 700 $avon Weizsäcker$b Carl Christian$01238975 701 $aKrämer$b Hagen M$01238976 801 0$bAU-PeEL 801 1$bAU-PeEL 801 2$bAU-PeEL 906 $aBOOK 912 $a9910488714503321 996 $aSaving and Investment in the Twenty-First Century$92875076 997 $aUNINA