Introduction Standard theory views government as functional:
Some people continue to defend trickle-down theories, which assume [? This opinion, which has never been confirmed by the facts [! Pope Francis IEvangelii Gaudium, "The Joy of the Gospel," November 26,exclamations and questions added, The European Dream, with its emphasis on collective responsibility and global consciousness Jeremy Rifkin, "The European Dream," Europe is an economic success, and that success shows that social democracy works.
Guess a Nobel [i. Like them, he has driven the U. Then again, neither of his predecessors had such visible evidence of where social democracy ultimately leads. Referendum on Europe," The Wall Street Journal, Tuesday, January 3, Economists agree that a large capital stock is a key ingredient for prosperity, as it expands our productive capacity and raises worker productivity, which in turns increases wages and consumer purchasing power.
Our capital stock is comparatively much smaller today than it was before the Great Depression. Where there is investment -- a new factory or distribution facility being built, a new store about to open, new software being installed -- that is where new jobs are created.
It is no coincidence that during this period of subpar growth, private capital investment as a percentage of our economy is at post-World-War II lows. Walter WristonCiticorp Chairman, All economic problems are about removing impediments to supply, not demand.
But Keynes, unlike many of his followers, was not a man of the left. Barro Harvard"Keynesian Economics vs.
Regular Economics," The Wall Street Journal, Wednesday, August 24, regarding the demand side "multiplier" The principle of Keynesian economics is to stimulate demand.
This done by distorting the labor market through artificially inflating wages or actually fixing wages. Price manipulation and price fixing always result in either surpluses or shortages of what is manipulated. This part of Keynesian strategy thus increases unemployment, which is the surplus of labor.
The other part of the strategy is public spending, which always ends up being done for political rather than economic reasons, in part because governments cannot successfully engage in macroeconomic calculation. This was predicted by von Mises and Hayek and demonstrated, not just by the economies of the Soviet block, but by almost every government spending program that has ever existed.
Government spending also siphons off capital from the private economy, which inhibits hiring, production, and investment. The whole Keynesian program is thus grotesquely counterproductive, except to the privileged and often connected few to whom the inflated incomes and government money actually flow.
The results are dismal. And so suddenly businesses are doing well, the economy is doing well, and we get into a virtuous cycle. And we go up We believe that when a CEO pays his auto workers enough to buy the cars that they build, the whole economy does better. The real job creators are the vast middle class and the poor, whose spending induces businesses to create jobs.We will write a custom essay sample on Environmental protection and the social responsibility of firms: perspectives from law, economics, and business specifically for you .
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