15 Matching Annotations
  1. Jun 2022
    1. Numerous studies have shown thatthe fiscal state’s rise in power made a major contribution to the pro-cess of economic development. The new receipts did in fact make itpossible to finance expenditures that proved indispensable not onlyfor reducing inequalities but also for encouraging growth. These ex-penditures included a massive and relatively egalitarian investmentin education and health care (or, at least, a much more massive andegalitarian investment than any previous); expansion of transporta-tion and other community infrastructure; the replacement income,such as retirement pensions, necessary for supporting an aging popu-lation; and reserves, such as unemployment insurance, for stabilizingthe economy and society in the event of a recession.1

      See especially P. Lindert, Growing Public: Social Spending and Economic Growth since the Eighteenth Century (Cambridge: Cambridge University Press, 2004).

      Ample evidence has shown that increasing taxes in Western countries along with the states' power to use it during the majority of the 1900s not only reduced inequalities but encouraged growth.



  2. Dec 2021
    1. Elsewhere, I have critiqued this ideology on the grounds that there are other stakeholders besides shareholders who, through the provision of capital or labor, make contributions to the business enterprise that help to generate future returns but without a guaranteed share of these returns.101 Through government investments and subsidies, taxpayers regularly pro-vide finance to companies without a guaranteed return. As risk bearers, therefore, taxpayers have a claim on corporate profits if and when they are generated. In addition, through the exercise of skill and effort beyond those levels required to lay claim to their current pay, workers regularly make productive contributions to the companies for which they work without a guaranteed return, but with an expectation of future profits in the forms of higher wages and benefits, more secure employment, and better work conditions. Confronting agency theory with what I call “in-novation theory,” I argue that sharing corporate profits with these other risk-bearers (taxpayers and workers) is essential not only for equitable distribution, but also for sustainable productivity gains that make higher standards of living possible.1

      william lazonick's 'innovation theory', an alternative to 'agency theory'/MSV which argues that if the logic justifying shareholder's rights to profits (they take on risk) is true, workers and taxpayers also have a right to profits

    2. employment generated by ongo-ing government spending, particularly on higher education, healthcare, advanced technology, and physical infrastructure (for example, the inter-state highway system), complemented the employment opportunities provided by the business sector.

      infrastructure and the resulting economic gains can only happen once

  3. Jan 2021
  4. Oct 2020
  5. Aug 2020
    1. moving from emissions to concentrations in the context of forecasting long-term economic growth, the likelihood that CO2 concentrations will exceed those assumed in RCP8.5 by 2100 is at least 35%

      This means that the CO2 emissions caused by use of fossile fuels should be understood as a component of all emissions caused by continued economic growth.

    1. Altig, D., Baker, S. R., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., Davis, S. J., Leather, J., Meyer, B. H., Mihaylov, E., Mizen, P., Parker, N. B., Renault, T., Smietanka, P., & Thwaites, G. (2020). Economic Uncertainty Before and During the COVID-19 Pandemic (Working Paper No. 27418; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27418

  6. Jul 2020
  7. May 2020
  8. Aug 2018
    1. Nevertheless, the evidence suggests that social capital and social institutions are significant predictors of economic growth, after controlling for the effects of human capital and initial levels of income (Knack and Keefer 1997), (Knack 2002).4 So trust is a relevant dimension of social interactions that has been connected to individual dyads, network formation, labor markets, and even economic growth.