Innovational progress sans thrift

被引:1
|
作者
Samuelson, PA [1 ]
机构
[1] MIT, Dept Econ, Cambridge, MA 02139 USA
关键词
Schumpeter's creative capitalist destruction; wage rise sans profit-rate rise; sans "human-capital" formation;
D O I
10.1016/S0922-1425(02)00008-7
中图分类号
F [经济];
学科分类号
02 ;
摘要
Federal Reserve Chairman Alan Greenspan seemed to succumb partially to the irrational exuberance that underlay the U.S. 1995-2000 Wall Street bubble: a specified step-up in total-factor productivity la Schumpeter, centered in the high technology sector, was believed to accelerate long-term real GDP growth and equities' future total returns. Even without positive U.S. thrift, by 2020 when babyboomers' retirements exploded as a demographic revolution, technological progress could allegedly atone for the worsening of thrift traceable to the massive Bush tax cuts that had earlier received Greenspan's blessing. Here I spell out a 1912 Schumpeter scenario of "Progress sans Thrift" and show how it is unlikely to fulfill high-profit growth hopes of bubble speculators. (C) 2002 Elsevier Science B.V. All rights reserved.
引用
收藏
页码:281 / 284
页数:4
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