By Peter J. Hammond (auth.), Professor Dipl.-Kfm. Dr. Christian Seidl (eds.)
Nobel laureate Sir John Hicks has with reliable cause known as the 3rd sector of the 1 20th century the age of Keynes • Sir John however clinically determined a predicament of Keynesian economics even ahead of this era had expired. but when just a couple of proficient students had foreseen the hindrance of Keynesian economics earlier than 1975, this 12 months at the least marked the last word disenchantment of Keynesian economics. Keynesian monetary coverage proved useless to deal with the commercial demanding situations of the past due seventies: unemployment, inflation, and stagnation of monetary development. Alarmed governments resorted to increasingly more extreme treatments out of the Keynesian field of Pandora. yet all they obtained used to be the construction of extra problems, irritating the placement nonetheless extra: hovering public debt, notable balance-of-payments deficits, and financial instability. It were argued until eventually particularly lately that capi talism may have survived merely "in the oxygen tent of presidency deficit spend 2 ing ". however it has develop into patent because the mid-seventies that it truly is firstly the Keynesian oxygen tent that has produced the current embarrassment of capital ist economies. the current monetary malaise in approximately all Western nations has for that reason resulted in substantial unrest within the economics occupation. just a little resembling the thirties, a feverish look for choices to the existing yet inadequate econ omic doctrine has all started. one of the applicants to be screened, Schumpeterian economics takes a well-liked place.
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If managers of private enterprises, subject to the discipline of the market, are then more faithful in their pursuit of profits, and if these profits do reflect the social worth ofthe enterprise's activities, the case is made for private enterprise. These are two big "ifs", however. Moreover, one can quite well argue in reverse. There is no reason why the manager of a state enterprise should have fewer opportunities available than the manager of a private enterprise, if that private enterprise Is Entrepreneurship Obsolescent?
While theoretically conceivable and even numerically calculated in some special instances, such a complex structure of different tax rates has never been seen in practice and one wonders whether it ever will be. Until it is, the case for the non-inferiority of private enterprise - let alone its superiority cannot be made in the way many economists have tried to. 7 Private Versus Public Enterprise The above arguments rather presumed that, if the managers of public and private enterprises had the same technical opportunities, they could make equally good use of them.
Peter J. Hammond, Stanford 1 Introduction: Schumpeterian Themes in the Modem Welfare Economics of Production A suitable title for this series of my three lectures might be "Schumpeterian Themes in the Modem Welfare Economics of Production". The lecture "Schumpeter and the Economic Problems of Today" (in ch. I of this volume) was preliminary. There I suggested that, despite Schumpeter's demonstrated lack of enthusiasm for the welfare economics of his time, it might not be inappropriate to consider such a topic.