Is There a Shortage of Savings in the United States? The Role of Financial Institutions, Monetary and Fiscal Policy in Capital Accumulation During Periods of Stagflation

Author(s):  
Paul Davidson
Author(s):  
John Kenneth Galbraith

This chapter examines various developments in economics that are part of the present and will contend against the neoclassical tradition for recognition in the future. Industrial countries, including the United States, have already become deeply concerned with the economic ideas and more especially their practice in Japan. The chapter considers some of the lessons to come and that are coming from Japan, such as the industry–government cooperation and investment in human capital, It also discusses a number of ways to escape market discipline and deal with competition, including a return to tariff protection, and how the distinction between microeconomics and macroeconomics will blur and disappear due to factors such as the dynamic of prices and wages as a determinant of both inflation and unemployment. Finally, it comments on the future of domestic monetary and fiscal policy in relation to a nation's international position.


Author(s):  
Thomas J. Sargent

This chapter consists of six essays that use “unpleasant monetarist arithmetic” to interpret events during the 1980s and 1990s in Brazil and the United States. During the 1980s, the United States took steps along a path upon which Brazil had travelled much further, a path along which interest-bearing government debt is growing as a percentage of GNP. The U.S. government was able readily to borrow large amounts, and had far to go before the government's budget constraint threatened to impose painful choices among the options of raising taxes, lowering government expenditures, or printing currency. Brazil found its ability to borrow very limited, and therefore had to confront those painful choices immediately. One essay emphasizes that a country's inflation rate at any moment emerges out of the sustained monetary and fiscal policy that it chooses, now and in the future.


2004 ◽  
Vol 103 (677) ◽  
pp. 417-422
Author(s):  
Barry Eichengreen ◽  
Yung Chul Park

Constructive adjustments in the monetary and fiscal policy mix in Asia, the United States, and Europe would be an important step toward a healthier world economy.


2006 ◽  
Vol 7 (4) ◽  
pp. 777-811 ◽  
Author(s):  
Philip Ollerenshaw

This article is a response to Patrick Fridenson’s call for more research into the life cycle of enterprises and especially into business failure. Its subject is the textile group established in 1945 by Cyril Lord, which went on to encompass merchanting, manufacturing, retailing, and finance, operating in the United Kingdom, the United States, and South Africa. Using unpublished records as well as the financial and trade press, the article explains the nature of Lord’s financial, mercantile, and manufacturing networks, and his rapid growth, based on product innovation, novel sales techniques, and massive advertising. The article then examines his subsequent insolvency and receivership in 1968. It contributes to our understanding of corporate failure and the role of the receiver, financial institutions, and government in that process.


2008 ◽  
Vol 20 (3) ◽  
pp. 97-105 ◽  
Author(s):  
Smita C. Banerjee ◽  
Kathryn Greene ◽  
Marina Krcmar ◽  
Zhanna Bagdasarov ◽  
Dovile Ruginyte

This study demonstrates the significance of individual difference factors, particularly gender and sensation seeking, in predicting media choice (examined through hypothetical descriptions of films that participants anticipated they would view). This study used a 2 (Positive mood/negative mood) × 2 (High arousal/low arousal) within-subject design with 544 undergraduate students recruited from a large northeastern university in the United States. Results showed that happy films and high arousal films were preferred over sad films and low-arousal films, respectively. In terms of gender differences, female viewers reported a greater preference than male viewers for happy-mood films. Also, male viewers reported a greater preference for high-arousal films compared to female viewers, and female viewers reported a greater preference for low-arousal films compared to male viewers. Finally, high sensation seekers reported a preference for high-arousal films. Implications for research design and importance of exploring media characteristics are discussed.


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