Download Cowboy Capitalism: European Myths, American Reality by Olaf Gersemann PDF

By Olaf Gersemann

So much literature exhibiting the greatness of capitalism via statistics is horribly biased, yet this e-book retains the unfairness to a average point. this implies you get a wealth of statistical info that isn't overly inspired through ideology, that is a unprecedented locate.

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73, 169, 179, 219; United Nations (2000), pp. 232, 244, 282, 462; and author’s calculations. instance, the amount of work per day and person would be 80 minutes in 2050. That means that either the European countries will have to experience reductions in their material standards of living or demographic aging will be compensated for by a return to longer working weeks and higher employment ratios. The third alternative is that the remaining hours worked will be used more efficiently. ’’ In that light, it’s all the more worrisome that here, as the following chapter shows, Europe is falling far behind, too.

And it did—in the past. 6 But in 17 of the 22 years between 1974 and 1995, Germany’s productivity growth was higher than America’s. Especially at the end of the 1980s, the German-American gap was large. At that time, the German economy benefited from a surge in productivity growth. 7 At the time, Germany looked poised for continuing high productivity growth. ‘‘At the beginning of the ‘90s, productivity perspectives in Germany were viewed with optimism,’’ reports the Bundesbank, Germany’s central bank: ‘‘German unification and the opening 30 The New Economy Lives .

However, once a product has hit the market, it is cheap to serve one additional customer; the marginal costs are close to zero. The reason is that the consumption of (electronic) information, for instance software or databanks, is not rivalrous. Mr. A cannot wear a shoe worn by Mr. B at the same time. Software used by Ms. A, however, can be used simultaneously by Ms. B without the two of them interfering with each other. Second, many IT product markets display socalled network effects: The utility of a product increases with the number of its users.

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