Saving And Investment In The Twenty First Century
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Saving and Investment in the Twenty-First Century
Author: Carl Christian von Weizsäcker
language: en
Publisher: Springer Nature
Release Date: 2021-06-29
The 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.
21st Century Investing
Author: William Burckart
language: en
Publisher: Berrett-Koehler Publishers
Release Date: 2021-04-13
Two experienced and visionary authors show how institutions and individuals can go beyond conventional and sustainable investing to address complex problems such as income inequality and climate change on a deep, systemic level. It's time for a new way to think about investing, one that can contend with the complex challenges we face in the 21st century. Investment today has evolved from the basic, conventional approach of the 1950s. Investors have since recognized the importance of sustainable investment and have begun considering environmental and social factors. Yet the complexity of the times forces us to recognize and transition to a third stage of investment practice: system-level investing. In this paradigm-shifting book, William Burckart and Steve Lydenberg show how system-level investors support and enhance the health and stability of the social, financial, and environmental systems on which they depend for long-term returns. They preserve and strengthen these fundamental systems while still generating competitive or otherwise acceptable performance. This book is for those investors who believe in that transition. They may be institutions, large or small, concerned about the long-term stability of the environment and society. They may be individual investors who want their children and grandchildren to inherit a just and sustainable world. Whoever they may be, Burckart and Lydenberg show them the what, why, and how of system-level investment in this book: what it means to manage system-level risks and rewards, why it is imperative to do so now, and how to integrate this new way of thinking into their current practice.
Capital in the Twenty-First Century
Author: Thomas Piketty
language: en
Publisher: Harvard University Press
Release Date: 2017-08-14
A New York Times #1 Bestseller An Amazon #1 Bestseller A Wall Street Journal #1 Bestseller A USA Today Bestseller A Sunday Times Bestseller A Guardian Best Book of the 21st Century Winner of the Financial Times and McKinsey Business Book of the Year Award Winner of the British Academy Medal Finalist, National Book Critics Circle Award “It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year—and maybe of the decade.” —Paul Krugman, New York Times “The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat.” —The Economist “Piketty’s Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.” —Steven Pearlstein, Washington Post “Piketty has written an extraordinarily important book...In its scale and sweep it brings us back to the founders of political economy.” —Martin Wolf, Financial Times “A sweeping account of rising inequality...Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.” —John Cassidy, New Yorker “Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years.” —Timothy Shenk, The Nation