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Economic policy and planning (general) --- Business policy --- technologiebeleid --- economische politiek --- industrie

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Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. The analysis suggests new approaches to innovations in open economies in many ways, including the Schumpeterian Mundell-Fleming model and new monetary growth models. A specific focus is on the role of innovations for output, employment and exchange rate developments. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies. This important new book sets a new direction for macroeconomics. By linking several strands of fundamental economic thinking into a coherent, integrated framework it provides a pathbreaking understanding into the fundamental forces shaping macroeconomic performance. In particular, by injecting insights from the Schumpeterian model, the author succeeds in presenting a new policy framework to guide economic growth policy. Prof. Dr. David Audretsch, Institute of Development Strategies, Indiana University, Bloomington, USA

Macroeconomics --- Economic policy and planning (general) --- technologiebeleid --- economische politiek --- macro-economie

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Economic globalization is a complex phenomenon where the links between social security expenditures and globalization are not well understood so far. This study summarizes new key findings and highlights new theoretical insights in the field of social security systems, labor standards, taxation and economic globalization. Moreover, new thoughts on the links between social security systems and migration as well as between free trade areas and social market economy development are presented: The book analyzes the role of a changing age dependency using a Branson model and it derives implications for the stock market price index, the exchange rate and the interest rate. Economic globalization needs to be politically managed and through the Transatlantic Banking Crisis and the Euro Crisis the need to more carefully draw the rules of the game for financial globalization has been highlighted. Unstable financial markets have a large potential to undermine social market economies and social security systems. The rising income inequalities within countries raise more policy challenges for Europe than for the US.

Social policy --- Methodology of economics --- Economic growth --- Labour economics --- Public finance --- Finance --- Public economics --- Foreign trade. International trade --- Economics --- Business management --- Business economics --- financieel management --- bedrijfseconomie --- economie --- arbeid --- welzijnsbeleid --- sociaal beleid --- wereldeconomie --- economische groei --- internationale economie --- overheidsfinanciën --- inkomstenbelastingen

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This book takes a new look at the golden age in neoclassical growth theory and explores in detail sustainability and optimum growth in China, the US and Europe. Innovation, foreign direct investment, trade and growth dynamics are key elements in modern economies – including perspectives on green growth and aspects of the knowledge production function in the context of multinational companies. As such the book considers the role of foreign direct investment in a modified growth model and discusses innovation in an enhanced Mundell-Fleming macro model. Moreover, for the first time it directly links a knowledge production function to the macro production function in a broader context, including real money balances in the production function. It shows – also with empirical relevance – that FDI inward stocks relative to the GDP of host countries, the number of researchers and per capita income are relevant drivers of new knowledge and the stock of knowledge, respectively. This new Schumpeterian theoretical approach lends itself to important policy conclusions for both OECD members and newly industrialized countries.

Macroeconomics --- Economic growth --- Economic policy and planning (general) --- Foreign trade. International trade --- Economics --- internationale economische organisaties --- internationale economische politiek --- technologiebeleid --- duurzaamheid --- economie --- economische politiek --- wereldeconomie --- macro-economie --- economische groei --- internationale economie --- Asia

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"From Thunberg to Trump: there are many voices in climate policy. This is a highly recommendable and rational contribution with a focus on economic aspects of an effective and internationally oriented climate policy. Many new insights!" - Prof. Dr. Raimund Bleischwitz, Chair in Sustainable Global Resources, University College London, till December 2021. Scientific Director, Leibniz Centre for Tropical Marine Research (ZMT), Bremen, since January 2022. This book considers climate change from an economic and international policy perspective. It argues that an emissions trading systems (ETS) should first be adopted in all G20 countries with those national ETS then integrated into a global ETS. The topic of global warming is at the forefront of international discussions, especially given recent environmental policy changes in the US under Presidents Trump and Biden and the emergence of the Fridays For Future movement. Combatting climate change does not necessitate a trade-off between economic growth and climate policy provided that the latter is consistently linked to new economic policy. Policymakers should support innovation, effective redistribution policies and modern mobility concepts. Moreover, there are crucial links between financial market dynamics and price dynamics in ETS. If measures discussed here are coordinated effectively in the EU/G20, and at the global level, then climate neutrality could be achieved. Paul JJ Welfens is President of the European Institute for International Economic Relations (EIIW) at the University of Wuppertal, Germany, where he holds the Chair for Macroeconomics and Jean Monnet Professorship for European Economic Integration. He is a Research Fellow at IZA, Bonn, and Non-Resident Senior Fellow at AICGS/Johns Hopkins University, Washington DC.

Economic policy and planning (general) --- Economics --- Environmental protection. Environmental technology --- economie --- economische politiek --- milieuzorg --- Climatic changes --- Power resources. --- Economic aspects.