Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Capital’

Restoring Competition in the Digital Economy

Posted by hkarner - 18. Mai 2017

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The Universal Right to Capital Income

Posted by hkarner - 1. November 2016

Photo of Yanis Varoufakis

Yanis Varoufakis

Yanis Varoufakis, a former finance minister of Greece, is Professor of Economics at the University of Athens.

OCT 31, 2016 Project Syndicate

ATHENS – The right to laziness has traditionally been only for the propertied rich, whereas the poor have had to struggle for decent wages and working conditions, unemployment and disability insurance, universal health care, and other accoutrements of a dignified life. The idea that the poor should be granted an unconditional income sufficient to live on has been anathema not only to the high and mighty, but also to the labor movement, which embraced an ethic revolving around reciprocity, solidarity, and contributing to society.

When unconditional basic-income schemes were proposed decades ago, they inevitably met outraged reactions from employers’ associations, trade unions, economists, and politicians. Recently, however, the idea has resurfaced, gathering impressive support from the radical left, the Green movement, and even from the libertarian right. The cause is the rise of machines that, for the first time since the start of industrialization, threaten to destroy more jobs than technological innovation creates – and to pull the rug out from under the feet of white-collar professionals. Den Rest des Beitrags lesen »

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Lohn oder Kapital?

Posted by hkarner - 11. Juni 2016

10.06.2016, Von Heiner Flassbeck. MakroskopFlassbeck Video 2

Über die Ursachen der Krise in der Europäischen Währungsunion ist eine Kontroverse entbrannt. Es fehlt allerdings dabei an theoretischer Klarheit, weil man sich nicht explizit mit den neoklassischen Irrungen und Wirrungen befasst.

Teil 1

Seit einigen Wochen gibt es in Deutschland, teilweise sogar heftige, Diskussion darüber, ob die deutsche Lohnzurückhaltung zu Beginn der Europäischen Währungsunion wirklich verantwortlich ist für die gewaltigen Ungleichgewichte, die in den Leistungsbilanzen der Mitgliedsländer dieser Union entstanden sind. Besonders im linken politischen Spektrum gibt es viele, die der von Hans-Werner Sinn vertretenen These zuneigen, wonach Kapitalströme eine viel größere Rolle spielten als die Lohndifferenzen. Wobei Sinn durchaus ambivalent argumentiert: Die Bedeutung der Lohnstückkostendifferenzen räumt er ein, allerdings betont er immer nur die „zu hohen“ Lohnzuwächse in den Krisenländern, vergisst aber meist die „zu niedrigen“ Lohnzuwächse in Deutschland zu erwähnen. Den Rest des Beitrags lesen »

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Europe’s untapped capital market

Posted by hkarner - 14. März 2016

Diego Valiante 13 March 2016, voxeu

Head of Financial Markets and Institutions, Centre for European Policy Studies

Financial integration is the process through which different regions or countries become more financially interconnected. This process involves the free circulation of capital and financial services among those areas. It usually determines an increase in capital flows across regions (private risk sharing) and a convergence of prices and returns for financial assets and services.

In the aftermath of the Global Crisis, the European financial system still lacks private risk sharing, i.e. cross-border banking and capital markets activities. Limited private risk sharing is the main cause of the build-up of asset bubbles across the Eurozone (pre-Crisis) and the fast retrenchment of capital flows (post-Crisis) within national boundaries (Furceri and Zdzienicka 2013, IMF 2013, Lane 2013). Price convergence with no quantity convergence (cross-border holdings) is a broken promise of financial integration. After the rapid realignment of price and quantity indicators during the Global Crisis, the integration process has now restarted, with initial signs that quantity and price indicators are diverging again in a pre-Crisis fashion. Den Rest des Beitrags lesen »

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International capital flows, sectoral resource allocation, and the financial resource curse

Posted by hkarner - 12. Oktober 2015

Gianluca Benigno, Nathan Converse, Luca Fornaro 11 October 2015, voxeu

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The privileged few: To those that have shall be given

Posted by hkarner - 4. Oktober 2014

Date: 02-10-2014
Source: The Economist

Labour is steadily losing out to capital

JUST ACROSS THE road from Gothenburg’s main railway station, at the foot of a pair of hotels, a line of taxis is waiting to pick up passengers. The drivers, all men, many of them immigrants, chat and lean against their vehicles, mostly Volvos. One of them, an older man with an immaculate cab, ferries your correspondent to Volvo’s headquarters on the other side of the river. Another car is waiting there, a gleaming new model with unusual antennae perched on two corners of its roof. An engineer gets in and drives the car onto a main commuter route. Then he takes his hands off the wheel.

Volvo, like many car manufacturers, is putting a lot of work into automated vehicle technology. Such efforts have been going on for some time and were responsible for the development of power steering, automatic transmissions and cruise control. In the 2000s carmakers added features such as automated parallel parking and smart cruise, which can maintain a steady distance between vehicles. In 2011 Google revealed it was developing fully autonomous cars, using its detailed street maps, an array of laser sensors and smart software. It recently unveiled a new prototype that can be configured to have no driver controls at all, save an on/off button. Traditional car manufacturers are taking things more slowly, but the trend is clear. Den Rest des Beitrags lesen »

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Nearly Third of Euro-zone Banks May Have to Raise Capital—Poll

Posted by hkarner - 23. Juni 2014

Date: 23-06-2014

Source: The Wall Street Journal

German Banks Most Confident of Funds, Spain Most Likely to Need to Raise Capital

Nearly a third of Euro-zone banks think they may have to raise capital to weather upcoming stress tests, according to a poll by consultant Ernst & Young LLP.

In an anonymous survey of 294 banks across Europe, 22 said they expect to have to raise capital following stress tests and 43 said they „may need to.“ According to Ernst & Young, 30% of Euro-zone lenders couldn’t rule out capital raising, with 8% saying they believe they will likely have to. Banks in Germany are the most confident that they won’t have to go down this route, while banks in Spain are the least confident.

The poll comes as lenders across the continent work with regulators to ensure that they accurately value the holdings on their balance sheets. Euro-zone lenders that fail this so-called asset-quality review will have six months to raise new capital, for instance by retaining profits or selling shares. 

The results of a subsequent pan-European stress test are expected in October, just before the European Central Banktakes over supervision of big euro-zone banks from national supervisors. Den Rest des Beitrags lesen »

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Thomas Piketty’s “Capital”, summarised in four paragraphs

Posted by hkarner - 6. Mai 2014

Date: 05-05-2014
Source: The Economist

IT IS the economics book taking the world by storm. „Capital in the Twenty-First Century“, written by the French economist Thomas Piketty, was published in French last year and in English in March of this year. The English version quickly became an unlikely bestseller, and it has prompted a broad and energetic debate on the book’s subject: the outlook for global inequality. Some reckon it heralds or may itself cause a pronounced shift in the focus of economic policy, toward distributional questions. This newspaper has hailed Mr Piketty as „the modern Marx“ (Karl, that is). But what’s it all about?

„Capital“ is built on more than a decade of research by Mr Piketty and a handful of other economists, detailing historical changes in the concentration of income and wealth. This pile of data allows Mr Piketty to sketch out the evolution of inequality since the beginning of the industrial revolution. In the 18th and 19th centuries western European society was highly unequal. Private wealth dwarfed national income and was concentrated in the hands of the rich families who sat atop a relatively rigid class structure. This system persisted even as industrialisation slowly contributed to rising wages for workers. Only the chaos of the first and second world wars and the Depression disrupted this pattern. High taxes, inflation, bankruptcies, and the growth of sprawling welfare states caused wealth to shrink dramatically, and ushered in a period in which both income and wealth were distributed in relatively egalitarian fashion. But the shocks of the early 20th century have faded and wealth is now reasserting itself. On many measures, Mr Piketty reckons, the importance of wealth in modern economies is approaching levels last seen before the first world war. Den Rest des Beitrags lesen »

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Thomas Piketty: The French economist US liberals love

Posted by hkarner - 28. April 2014

Date: 26-04-2014
Source: BBC

Piketty BookThomas Piketty has been compared to a modern-day Alexis de Tocqueville

If you want to mingle with the educated elite this weekend, you need to know a little bit about French economist Thomas Piketty and his surprise best-selling book, Capital in the Twenty-First Century.

Mr Piketty uses tax data from a variety of Western countries to tackle the question of income inequality in today’s society. He focuses in particular on the increasing concentration of wealth in the hands of an elite few – the much-talked-about „one percent“.

Here’s how New York Times columnist Paul Krugman describes Mr Piketty’s „big idea“ in the New York Review of Books:

We haven’t just gone back to nineteenth-century levels of income inequality, we’re also on a path back to „patrimonial capitalism,“ in which the commanding heights of the economy are controlled not by talented individuals but by family dynasties.

This is happening, Mr Piketty writes, because the rate of return on capital has been outpacing the rate of economic growth. In layman’s terms, the rich are getting richer. Den Rest des Beitrags lesen »

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The Piketty Panic

Posted by hkarner - 26. April 2014

Date: 25-04-2014KRUGMAN4
Source: Paul Krugman

“Capital in the Twenty-First Century,” the new book by the French economist Thomas Piketty, is a bona fide phenomenon. Other books on economics have been best sellers, but Mr. Piketty’s contribution is serious, discourse-changing scholarship in a way most best sellers aren’t. And conservatives are terrified. Thus James Pethokoukis of the American Enterprise Institute warns in National Review that Mr. Piketty’s work must be refuted, because otherwise it “will spread among the clerisy and reshape the political economic landscape on which all future policy battles will be waged.”

Well, good luck with that. The really striking thing about the debate so far is that the right seems unable to mount any kind of substantive counterattack to Mr. Piketty’s thesis. Instead, the response has been all about name-calling — in particular, claims that Mr. Piketty is a Marxist, and so is anyone who considers inequality of income and wealth an important issue.

I’ll come back to the name-calling in a moment. First, let’s talk about why “Capital” is having such an impact.

Mr. Piketty is hardly the first economist to point out that we are experiencing a sharp rise in inequality, or even to emphasize the contrast between slow income growth for most of the population and soaring incomes at the top. It’s true that Mr. Piketty and his colleagues have added a great deal of historical depth to our knowledge, demonstrating that we really are living in a new Gilded Age. But we’ve known that for a while. Den Rest des Beitrags lesen »

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