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The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. This is true even in a situation of prosperity and very low interest rates. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life expectancy, driven by the desire to have sufficient assets in old age. On the other hand, the demand for capital is not increasing to the same extent, so that investment is not keeping pace with the rising desire to save. The resulting gap between the private desire for wealth and private investment can only be closed by increasing public debt. This open access book offers a new, capital-theoretical perspective on the macroeconomic relationship between desired wealth and investment, and it presents new empirical data on private wealth and its composition in the OECD plus China area. The authors argue that a free economic and social order can only be stabilized if the wealth aspirations of individuals are met under conditions of price stability. This is not possible without substantial net public debt. A new way of thinking about the economy as a whole is required. By way of an in-depth theoretical and empirical analysis, the book demonstrates this new way of thinking and describes the current challenges facing economic policy. It will appeal to economists and students of economics who are interested in macroeconomic theory and its economic policy implications. An impressive, and convincing theoretical dive into the fundamentals behind secular stagnation, with very strong implications for actual debt policy. Public debt may be needed to improve welfare. - Olivier Blanchard, Senior Fellow at the Peterson Institute for International Economics and Professor of Economics Emeritus at Massachusetts Institute of Technology (MIT). Chief Economist at the International Monetary Fund from 2008 to 2015. Saving and Investment in the Twenty-First Century gives a wholly new perspective on macroeconomics. (...) Weiz­säcker and Krämer describe a simple, practical solution to the underemployment that has plagued Southern Europe for more than a decade. - George Akerlof, Nobel Laureate in Economics, 2001. Professor at the McCourt School of Public Policy at Georgetown University and Professor of Economics Emeritus at the University of California, Berkeley. This is a profound and original contribution that can help us to understand and act on the great issues of our times. - Nicholas Stern, Grantham Research Institute on Climate Change and the Environment at the London School of Economics. Author of the Stern Review Report on the Economics of Climate Change. Chief Economist at the World Bank from 2000 to 2003.

Macroeconomics --- Political economy --- Public finance --- International economics --- Economic history --- Macroeconomics/Monetary Economics//Financial Economics --- Economic Policy --- Public Finance --- International Economics --- History of Economic Thought/Methodology --- Macroeconomics and Monetary Economics --- History of Economic Thought and Methodology --- Capital supply, capital demand --- Public debt --- Demography --- Neo-Austrian capital theory --- Keynesian economics --- Private savings --- Private investment --- Interest rates --- Open Access --- Monetary economics --- Public finance & taxation

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The decline in birth rates in advanced economies is not a new phenomenon. Between 1880 and 1900 birth rates dropped from 5.5 children per woman to 2.5 children per woman. A further decline from 2.5 to 1.5 or even 1.3 children took much longer -- about 80 years. One of the most apparent causes is, however, widely ignored. Beatrice Scheubel tries to fill this gap. According to the so-called Social Security Hypothesis, insurance against the risks of life (i.e. poverty for all sorts of reasons, in particular, age) by the state crowds out all types of private insurance. One of the (vast) different possibilities to privately insure oneself against poverty is having children. That is why it should not be surprising to witness falling birth rates given the sheer magnitude of the welfare state. In this book, Beatrice Scheubel analyses the effects of the first comprehensive system of social security, which was introduced between 1883 and 1891 in Germany.

Social security. --- Social security individual investment accounts. --- Individual investment accounts, Social security --- Investment accounts, Social security individual --- Personal accounts, Social security --- Personal investment accounts, Social security --- Private accounts, Social security --- Private investment accounts, Social security --- Social security personal accounts --- Social security private accounts --- Accounts --- Pension trusts --- Pensions --- Insurance, Social --- Insurance, State and compulsory --- Social insurance --- Insurance --- Income maintenance programs --- Bismarck, Otto, --- Bismarck, Otto von, --- 1800 - 1899 --- Germany --- Germany. --- Deutschland. --- Population --- History --- Social conditions --- Rentenversicherung --- Demographischer Wandel --- Geburtenrückgang --- Bismarcks Sozialgesetzgebung --- Wirtschaftsgeschichte --- 19.-21. Jahrhundert --- Bismarck-Schönhausen, Otto Eduard Leopold von, --- Bismark-Shengauzen, Otto Eduard Leopol'd fon, --- Bismark, Otto, --- Pi-ssu-mai, --- Von Bismarck, Otto, --- ביסמארק, אוטו --- Deutsche Länder --- Heiliges Römisches Reich --- Rheinbund --- Deutscher Bund --- Norddeutscher Bund --- Deutsches Reich --- Deutschland --- BRD --- Federal Republic of Germany --- Republic of Germany --- Allemagne --- Ǧumhūrīyat Almāniyā al-Ittiḥādīya --- Bundesrepublik Deutschland --- Niemcy --- République Fédérale d'Allemagne --- Repubblica Federale di Germania --- Germanija --- Federativnaja Respublika Germanija --- FRG --- Deyizhi-Lianbang-Gongheguo --- Deutsche --- Deutsches Sprachgebiet --- 03.10.1990 --- -Alemania --- Ashkenaz --- Bu̇gd Naĭramdakh German Uls --- Doitsu --- Doitsu Renpō Kyōwakoku --- Federalʹna Respublika Nimechchyny --- FRN --- German Uls --- Germania --- Germanii︠a︡ --- Germanyah --- Gjermani --- Grossdeutsches Reich --- Jirmānīya --- KhBNGU --- Kholboony Bu̇gd Naĭramdakh German Uls --- Nimechchyna --- Repoblika Federalin'i Alemana --- República de Alemania --- República Federal de Alemania --- Republika Federal Alemmana --- Vācijā --- Veĭmarskai︠a︡ Respublika --- Weimar Republic --- Weimarer Republik --- Germany (East) --- Alemania --- Deguo --- 德国 --- Gėrman --- Герман Улс --- ХБНГУ --- Германия --- جرمانيا --- ドイツ --- ドイツ連邦共和国 --- ドイツ レンポウ キョウワコク --- Germany (Territory under Allied occupation, 1945-1955) --- Germany (Territory under Allied occupation, 1945-1955 : British Zone) --- Germany (Territory under Allied occupation, 1945-1955 : French Zone) --- Germany (Territory under Allied occupation, 1945-1955 : Russian Zone) --- Germany (Territory under Allied occupation, 1945-1955 : U.S. Zone) --- Germany (West) --- Holy Roman Empire --- Bu̇gd Naĭramdakh German Uls --- Doitsu Renpō Kyōwakoku --- Federalʹna Respublika Nimechchyny --- Gėrman --- Germanii︠a︡ --- Jirmānīya --- Kholboony Bu̇gd Naĭramdakh German Uls --- República de Alemania --- República Federal de Alemania --- Vācijā --- Veĭmarskai︠a︡ Respublika --- Europe