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Prosperity, Depression and Modern Capitalism

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  • Keith Cowling

Abstract

Prominent figures in our profession have quite recently offered clear cut views on the present distribution of prosperity and depression among the advanced industrial countries, see for example, Lucas (2003), Prescott (2002): prosperity is identified with the United States, depression with Western Europe, and they relate this to the lower burden of taxation in the United States. The gap in the chosen level of performance (output per capita) is very large, about 30%, and the remedy is clear: cut taxes in Europe. But Europe is different from America: for deep historical, cultural reasons, but partly because the pressures to consume are different. There can be no easy inference about relative prosperity: the market investment of modern capitalism can drive people towards longer hours of work and away from their underlying (meta) preferences.

Suggested Citation

  • Keith Cowling, 2006. "Prosperity, Depression and Modern Capitalism," Kyklos, Wiley Blackwell, vol. 59(3), pages 369-381, August.
    • Handle: RePEc:bla:kyklos:v:59:y:2006:i:3:p:369-381
    DOI: 10.1111/j.1467-6435.2006.00337.x
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    References listed on IDEAS

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    1. Alberto Alesina & Edward Glaeser & Bruce Sacerdote, 2005. "Work and Leisure in the U. S. and Europe: Why so Different?," Harvard Institute of Economic Research Working Papers 2068, Harvard - Institute of Economic Research.
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    2. George M. Georgiou, 2007. "Measuring the Size of the Informal Economy: A Critical Review," Working Papers 2007, Central Bank of Cyprus.
    3. Pitelis, Christos N & Tomlinson, Philip R, 2017. "Industrial organisation, the degree of monopoly and macroeconomic performance – A perspective on the contribution of Keith Cowling (1936–2016)," International Journal of Industrial Organization, Elsevier, vol. 55(C), pages 182-189.
    4. Malcolm Sawyer & David Spencer, 2010. "Labour Supply, Employment and Unemployment in Macroeconomics: A Critical Appraisal of Orthodoxy and a Heterodox Alternative," Review of Political Economy, Taylor & Francis Journals, vol. 22(2), pages 263-279.
    5. Fox, Stephen, 2016. "Open prosperity: How latent realities arising from virtual-social-physical convergence (VSP) increase opportunities for global prosperity," Technology in Society, Elsevier, vol. 44(C), pages 92-103.
    6. George M. Georgiou, 2007. "Measuring the Size of the Informal Economy: A Critical Review," Working Papers 2007-1, Central Bank of Cyprus.
    7. Drakopoulos, Stavros A., 2010. "The history of the mainstream rejection of interdependent preferences," MPRA Paper 23980, University Library of Munich, Germany.
    8. Paolo Esposito & Valerio Brescia & Chiara Fantauzzi & Rocco Frondizi, 2021. "Understanding Social Impact and Value Creation in Hybrid Organizations: The Case of Italian Civil Service," Sustainability, MDPI, vol. 13(7), pages 1-26, April.

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