By Paul Davidson (auth.)
ISBN-10: 0333326210
ISBN-13: 9780333326213
ISBN-10: 1349166790
ISBN-13: 9781349166794
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Extra info for International Money and the Real World
Example text
These contractual money payments give the recipient claims on the products of industry. 2 Consumption is defined as spending by households of a portion of these monetary claims on the current flow of products (or resources) of industry. Saving then can be defined as not exercising a portion of the flow of current money income claims on the current flow of products (or resources of industry). Since consumption is (by definition) restricted to households, how are we to identify saving by business firms?
The system should be tilted towards taxing spending and not income' (p. 92). Professor Solow of MIT is even more specific when he states 'you need to sacrifice current consumption to create the productive capacity to gain further consumption' (p. 91). Thus these SOS advocates appear to argue that if the US government would only create additional tax incentives to discourage consumption and increase saving activity out of current income, all other things being equal, aggregate real investment in the US must increase and the tendency for the American economy to stagnate will disappear.
Unfortunately, if the neoclassical view is adopted as the starting point of any economic theory, then the observed real world unemployment and stagflation phenomena can only be explained as 'temporary' phenomena due to frictions, or price and money wage rigidities, or to (adaptive? ) expectational reactions, while in the long run a state of economic bliss will be attained by unfettered market processes. e. the long-run equilibrium solution, whereas Keynes believed that from the outset economists should model the actual state of the real world.
International Money and the Real World by Paul Davidson (auth.)
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