"1968" and the German Economy
AbstractThe turning point in the postwar economic development of West Germany was 1973, not 1968. But the massive increase of the world prices for energy in 1973 did not hit an economy with bright prospects for stable growth rates and low inflation. Contrary, the pattern of economic growth of the 1960s was not sustainable. Union wage restraint despite extremely tight labor markets, limited exchange rate adjustments despite mutually incompatible objectives of domestic macroeconomic policies and huge, but largely unrecognized negative externalities from the extensive use of cheap energy and environmental resources inevitably required adjustment.
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Bibliographic InfoPaper provided by Groningen State, Institute of Economic Research- in its series Papers with number 33.
Length: 21 pages
Date of creation: 1997
Date of revision:
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Postal: STATE UNIVERSITY OF GRONINGEN, FACULTY OF ECONOMICS, INSTITUTE OF ECONOMIC RESEARCH, GRONINGEN THE NETHERLANDS.
Phone: 31 50 363 3749
Fax: 31 50 363 3720
Web page: http://www.rug.nl/research/som-ri/
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ECONOMIC DEVELOPMENT ; GERMANY;
Find related papers by JEL classification:
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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