Advertisement

Intereconomics

, Volume 33, Issue 2, pp 86–92 | Cite as

Has the decline in the productivity of capital been halted?

  • Thomas Weiß
Report
  • 21 Downloads

Abstract

On a long-term assessment, the economic situation in the industrial countries has grown more difficult. Unemployment is higher than it was in the 1960s, while growth both in the economy as a whole and in productivity is now slower. High labour costs are frequently cited as the underlying cause of these changes. This article sets out to counter (or to complement) this supposition by directing the spotlight on to what has now become a substantial decline in capital productivity in the industrial countries.

Keywords

Gross Domestic Product Monetary Policy Real Wage Real Interest Rate Capital Formation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 2.
    OECD Labour Force Statistics 1974–1994 and 1976–1996, Paris 1996 and 1997, pp. 32f.Google Scholar
  2. 3.
    Cf. OECD Economic Outlook 62, Paris, December 1997, p. A4.Google Scholar
  3. 4.
    cf. T. Weiss: Hin zu den Diensten, in: Bundesarbeitsblatt 4/1997.Google Scholar
  4. 5.
    Cf. OECD Economic Outlook 62, op. cit. Paris, December 1997, p. A36.Google Scholar
  5. 6.
    This is shown, for example, by the make-up of the workforce; of. OECD Labour Force Statistics, op. cit. Cf. OECD Economic Outlook 62, Paris, December 1996, p. A4.Google Scholar
  6. 7.
    On the German situation, see T. Weiss: Erhebliche Unterschiede, in: Bundesarbeitsblatt 3/1995.Google Scholar
  7. 8.
    On the German situation, see T. Weiss: Hin zu den Diensten, op. cit. in: Bundesarbeitsblatt 3/1995.Google Scholar
  8. 9.
    On high real interest rates, cf. R. Guttmann: Les mutations du capital financier, in: F. Chesnais (ed.): La mondialisation financière, Paris 1996; F. Chesnais: La mondialisation du capital (new ed.), Paris 1997, pp. 63 ff.Google Scholar
  9. 10.
    Cf. P. Hirst and G. Thompson: Globalisation in Question, Cambridge, UK 1996, p. 101.Google Scholar
  10. 11.
    On trends in unemployment in Germany and the USA since the 1980s, cf. A. Birk and T. Gries: Amerikanisches Job-Wunder versus deutsches Produktivitätswunder—ein Vergleich der Arbeitsmarktstrategien, in: Wirtschaftsdienst 2/1997; H. Werner: Die Arbeitsmarktentwicklung in den USA—Lehren für uns?, in: Mitteilungen für Arbeitsmarkt- und Berufsforschung 3/1997.Google Scholar
  11. 12.
    For a detailed theoretical presentation, see G. Reuten and M. Williams: Value-form and the State, London, New York 1989, pp. 116 ff.Google Scholar
  12. 13.
    cf. E. Hein: Geld, effektive Nachfrage und Kapitalakkumulation. Eine Betrachtung aus Marxscher, Keynesscher und post-Keynesscher Perspektive, Berlin 1997, p. 18.Google Scholar
  13. 14.
    Cf. J. T. Davis (ed.): Forbes Top Companies, The Forbes Annual Review of Today's Leading Businesses, New York 1997, p. 2; T. Weiss: Druck der Lohn(neben)kosten oder Last des Kapitalaufwands?, in: Sozialer Fortschritt 11/1997.Google Scholar
  14. 15.
    On the reciprocal influences between banks and firms, cf. F. Chesnals, op. cit. (ed.): La mondialisation financière, Paris 1996; F. Chesnais: La mondialisation du capital (new ed.), Paris 1997, p. 128.Google Scholar
  15. 16.
    see: EU Commission, Directorate for Economic and Financial Affairs: European Economy, Supplement A, No. 7, July 1997.Google Scholar
  16. 18.
    Cf. P. Salama: La financiarisation excluante: Leçons des économies latino-américaines, in: F. Chesnais (ed.), op. cit. (ed.): La mondialisation financière, Paris 1996; F. Chesnais: La mondialisation du capital (new ed.), Paris 1997, p. 227.Google Scholar
  17. 19.
    Cf. H.-J. Stadermann: Arbeitslosigkeit im Wohlfahrtsstaat, Tübingen 1995, pp. 131 ff.Google Scholar
  18. 20.
    On the latter, cf. Kommission für Zukunftsfragen der Freistaaten Bayern und Sachsen: Erwerbstätigkeit und arbeitslosigkeit in Deutschland, Part III: “Massnahmen zur Verbesserung der Beschäftigungslage”, Bonn, November 1997, pp. 137 f.Google Scholar

Copyright information

© HWWA and Springer-Verlag 1998

Authors and Affiliations

  • Thomas Weiß
    • 1
  1. 1.Federal Ministry of Labour and Social AffairsBonnGermany

Personalised recommendations