Titlebook: Saving and Investment in the Twenty-First Century; The Great Divergence Carl Christian von Weizsäcker,Hagen M. Krämer Book‘‘‘‘‘‘‘‘ 2021 The

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e 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 th978-3-030-75033-6978-3-030-75031-2

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Book‘‘‘‘‘‘‘‘ 2021n 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 ot

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The Natural Rate of Interest and the Optimal Rate of Interest in the Steady Stateo. It is considerably less than the optimal steady-state rate of interest, which is equal to the system’s growth rate. This holds for a very general “meta-model.” The fundamental equation of capital theory holds on the optimal steady-state path: . = .−., where . is the overall economic period of pro

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Wealth and Desired Wealth” . to grow. This is already the case for demographic reasons that hold for the global population as a whole. The proportion of the global population living in absolute poverty is rapidly declining. A monetary system offering stable purchasing power represents an important contribution of society to

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Real Capitalways be positive. With the help of the “period of production” ., we define a coefficient of intertemporal substitution . that is always non-negative. It can also be used when the real interest rate is negative. With the help of the concept of the “waiting period” ., we can also define an always non-

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Landmeta-model. Urban land is far more valuable than agricultural land. The risk tied to land leads to a reduction in its value in the form of a “risk premium” α > 0. Land rents can be taxed without any possibility of the tax being passed on to tenants and without loss of efficiency. If the tax is offse

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Investment, Saving and Stagnation from a Keynesian Perspectivek of sustained (secular) underemployment unless appropriate countermeasures are taken by the state. In this chapter, we look at the arguments that Keynesian authors have used, in both older and more recent writings, to demonstrate the possibility of secular stagnation and at the possibilities they c