Economics and politics - comment and analysis

Does Automation destroy jobs? Part 3

We saw in Part 2 that the rate of investment in Western industrialized countries is historically low. This, you have to imagine, is the result of forty years of neo-liberal revolution. As the result of theories that became dominant in the 1980s and which, in essence, divorce investment from such macroeconomic “details” as the development of demand. The rate o…


We saw in Part 2 that the rate of investment in Western industrialized countries is historically low. This, you have to imagine, is the result of forty years of neo-liberal revolution. As the result of theories that became dominant in the 1980s and which, in essence, divorce investment from such macroeconomic “details” as the development of demand. The rate of investment is now at its lowest point since the end of the Second World War.

The supply side, the German Council of Economic Experts told us in countless reports since the 1970s, need to take on the ‘leading role’ in economic development, as this is the only satisfactory and realistic way to create economic growth. At the political level this translated in the motto that ‘Entrepreneurship has to become worthwhile again.’ But this is nonsense! All the trouble originated because microeconomics and macroeconomic policy were not neatly (conceptually) separated. The failure to recognise this may have cost the German and the European economy a truly incredible amount of money in the meantime (in the order of several hundreds of billions of euro): growth that could have materialised, profits that could have been made, wages that could have grown, but never did…
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