Resolving economic deadlock
In the introductory chapter a novel economic policy is proposed which consists of a) 'virtualizing' debt (putting it on the Central Bank balance sheet) and b) reduce the money-multiplier by an implementation of a strong minimum reserving policy. The main part shows exposes a flaw in the concept of capital in neoclassical thinking, with special reference to Tobin's q-theory. This has the implication that neoclassical thinking - Keynesian and 'classical' - overstates investment activity and the tendency to full employment. The last two chapters - on China and the Nazi-Recovery - are empirical illustrations.
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- Albrecht Ritschl, .
"Deficit Spending in the Nazi Recovery, 1933-1938: A Critical Reassessment,"
IEW - Working Papers
068, Institute for Empirical Research in Economics - University of Zurich.
- Ritschl, Albrecht, 2002. "Deficit Spending in the Nazi Recovery, 1933-1938: A Critical Reassessment," Journal of the Japanese and International Economies, Elsevier, vol. 16(4), pages 559-582, December.
- Schiantarelli, F. & Georgoutsos, D., 1990. "Monopolistic competition and the Q theory of investment," European Economic Review, Elsevier, vol. 34(5), pages 1061-1078, July.
- Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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