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Professor Dr. Gerhard Fels, Dr. George M. von Furstenberg's A Supply-Side Agenda for Germany: Sparks from - the United PDF

By Professor Dr. Gerhard Fels, Dr. George M. von Furstenberg (auth.), Professor Dr. Gerhard Fels, Dr. George M. von Furstenberg (eds.)

This booklet bargains with supply-side economics and the wanted reorientation it should convey to West German coverage. The switch, instructed after looking out research, could upload as much as an total method for releasing markets, for elimination government-imposed distortions, and for utilizing free-market methods to right distortions imposed by way of strain teams. the tactic might pierce Germany's state-supported encrustations and corporatism. it's going to equip the rustic to persist with the lead of the us and nice Britain in commencing to break out from the tangle within which taxes, rules, and unemployment have grown in step. the upcoming crowning glory of the ecu inner industry in 1992 provides urgency to this task.

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Extra info for A Supply-Side Agenda for Germany: Sparks from - the United States - Great Britain - European Integration

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Standards. Yet even this modest progress was impossible 28 to achieve. In the end, the coalition partners agreed to fix the new top rate at 53 percent, a mere three percentage points below the original rate. Even that was possible only because, for reasons of "distributional symmetry," the lowest tax rate was also reduced by exactly three percentage points to 19 percent, down from 22 percent. " The tax reform debate of 1987 is illustrative of how supply-side arguments are often defeated by distributional considerations in Germany's political system.

The German public is not being stirred from its complacency by any truly alarming economic news. In the absence of a sense of urgency, however, it is very difficult to convince policymakers of the need for tough policy decisions and to get the public to accept a new course. This point was made quite forcefully by Harry G. Johnson (1971). He pointed out that a "revolutionary" economic theory depends for its success on certain key characteristics, one of which is the existence of an important economic problem that the established orthodoxy has proved itself incapable of explaining or solving.

Layard and S. Nickell (1985), J. Davis and Minford (1986), o. Blanchard and L. Summers (1987), and C. Bean, R. Layard, and S. Nickell (1987). , where the natural rate appears to have been fairly static in the region of 5-6 percent, and Japan, where unemployment is negligible, are striking and beg to be explained by a common theory. The theory that has emerged has centered around "supply-side" explanations of the behaviour of real wage costs. In this paper, I wish to try to integrate the perceptions in this growing "natural rate" literature into a common framework.

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