155 research outputs found
Argumente gegen die Reform des Stabilitätsgesetzes wenig überzeugend — eine Replik
No full textIn der Dezemberausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz zur Überprüfung des Stabilitäts- und Wachstumsgesetzes (StabG) von Henrike Michaelis, Steffen Elstner und Christoph M. Schmidt. Dazu erscheinen diese Replik und eine Erwiderung der Autoren.In their reply, Dullien and van Treeck criticise the argument of Michaelis, Elstner and Schmidt that the German Stability and Growth law (StabG) from the 1960s must not be reformed. They claim that Michaelis et al. neglect that the concept of sustainability has changed over the past 50 years and that nowadays issues such as social and ecological sustainability should be included. Moreover, the claim by Michaelis et al. that the StabG provides important tools for business cycle management is hardly convincing, given that these tools have not been used since the 1970s and stimulus packages have been passed on other legal grounds. / In their response Michaelis et al. stress that economic policy has to consider equally aspects of economic, social and ecological sustainability. The StabG, however, is a completely inappropriate basis for attempts to address aspects of social and ecological sustainability. The main use of the StabG consists in the possibility to quickly implement fiscal measures that could mitigate the consequences of severe economic downturns. Proposals of Dullien and van Treeck that various dimensions of sustainability are controllable by a predetermined set of instruments neglect the complexity of the social market economy
Firms’ Objectives, Macroeconomic Growth Regimes and Finance
No full textBuilding on the established Post Keynesian theory of the firm, we identify different stakeholders inside and outside the firm, and we assess their potentially conflicting objectives. Depending on the bargaining power of these different stakeholders, we can distinguish different macroeconomic growth regimes characterized by the priority given to the realization of the dominant class’s objectives. In previous work (Dallery and van Treeck, 2008), we have analysed these different institutional configurations of capitalism, which we call Fordism and financialisation, within a formal stock-flow consistent macro model. Here, we focus more specifically on linking macroeconomic growth dynamics to our reassessment of the Post Keynesian theory of the firm. Based on this microeconomic analysis, we stress the risk of financial fragility and macroeconomic instability involved with financialised capitalism.Financialization, investment, profits’ realization.
‘Objetivos empresariales, regímenes de crecimiento macroeconómico y finanzas
No full textBuilding on the established Post Keynesian theory of the firm, we identify different stakeholders inside and outside the firm, and we assess their potentially conflicting objectives. Depending on the bargaining power of these different stakeholders, we can distinguish different macroeconomic growth regimes characterized by the priority given to the realization of the dominant class’s objectives. In previous work (Dallery and van Treeck, 2008), we have analysed these different institutional configurations of capitalism, which we call Fordism and financialisation, within a formal stock-flow consistent macro model. Here, we focus more specifically on linking macroeconomic growth dynamics to our reassessment of the Post Keynesian theory of the firm. Based on this microeconomic analysis, we stress the risk of financial fragility and macroeconomic instability involved with financialised capitalism.financialization, postkeynesian firm, financial fragility, macroeconomic instability.
Hat die Eurozone ein Deutschland-Problem?
No full textIm Vortrag wird zunächst erörtert, inwieweit sich die gesellschaftliche Debatte um die Ursachen und Bewältigungsstrategien in der Eurokrise in Deutschland von der internationalen Debatte abgekoppelt hat. Hierin zeigt sich nicht zuletzt die vergleichsweise einseitige Ausrichtung der deutschen Wirtschaftswissenschaften. In diesem Zusammenhang werden die gesamtwirtschaftlichen Hintergründe des deutschen Exportüberschussmodells diskutiert, welches in der internationalen Debatte als eine wichtige Ursache für die makroökonomische Instabilität in Europa angesehen wird. Das deutsche Exportüberschussmodell wird im Kontext der wirtschaftswissenschaftlichen Diskussion um die so genannten globalen Ungleichgewichte und um den Zusammenhang zwischen Einkommensverteilung und gesamtwirtschaftlicher Instabilität beleuchtet.Till van Treeck ist Professor für Sozialökonomie an der Universität Duisburg-Essen. Seine Forschungsinteressen sind Einkommensverteilung aus makroökonomischer Perspektive, deutsche und europäische Wirtschaftspolitik und ökonomische Bildung. Till van Treeck ist geschäftsführendes Vorstandsmitglied im Forschungsinstitut für gesellschaftliche Weiterentwicklung (FGW) in Düsseldorf und Senior Research Fellow am Institut für Makroökonomie und Konjunkturforschung (IMK). Er studierte Sozial- und Wirtschaftswissenschaften am IEP Lille, an der WWU Münster und an der Leeds University Business School. Zwischen 2009 und 2012 war er Referatsleiter für Allgemeine Wirtschaftspolitik am IMK
Reform des Stabilitäts- und Wachstumsgesetzes von 1967
No full textSebastian Dullien und Till van Treec
Wie einflussreich wird die europäische Governance? : Reformierter Stabilitäts- und Wachstumspakt, Europa 2020-Strategie und "Europäisches Semester"
No full textBjörn Hacker ; Till van TreeckElectronic ed.: Berlin ; Bonn : FES, 201
Wie einflussreich wird die europäische Governance?
No full textBjörn Hacker ; Till van TreeckElectronic ed.: Berlin ; Bonn : FES, 201
'Financialisation' in Post-Keynesian models of distribution and growth - a systematic review
No full textWe review recent attempts to integrate 'financialisation' processes into Post-Keynesian distribution and growth models and distinguish three principal channels of influence: 1. objectives and finance restrictions of firms, 2. new opportunities for households' wealth-based and debt-financed consumption, and 3. distribution between capital and labour, on the one hand, and between management and workers on the other hand. Starting from a re-interpretation of the Post-Keynesian theory of the firm we bridge the gap between micro- and macro-analysis of 'financialisation' and we trace the main characteristics and effects of 'financialisation' from the micro to the macro level taking into account stock-flow interactions. Our review of the theoretical literature on 'financialisation' shows that expansive effects may arise under certain conditions, in particular when there are strong wealth effects in firms' investment decisions (via Tobin's q) and in households' consumption decisions. However, our review also suggests that even an expansive finance-led economy may build up major financial imbalances, i.e. increasing debt-capital or debt-income ratios, which make such economies prone to financial instability.Financialisation, Post-Keynesian distribution and growth models
Wie einflussreich wird die europäische Governance?
No full textBjörn Hacker ; Till van TreeckElectronic ed.: Paris ; Bonn : FES, 2011. - Title only available onlin
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