Dictionary of Arguments


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The author or concept searched is found in the following 17 entries.
Disputed term/author/ism Author
Entry
Reference
Capitalism Keynes Rawls I 298
Capitalism/Savings/Accumulation/Inequality/Keynes/Rawls: Keynes writes that the enormous accumulation of capital before World War I could never have come about in a society where prosperity would have been more evenly distributed. (J. M. Keynes, The Economic Consequences of The Peace, (London, 1919), pp. 18-22.)
I 299
The society was set up in such a way that the increased income was in the hands of those who tended to spend it least. The newly rich had not been gathered for large expenditures. It was precisely the inequality of wealth distribution that made it possible to build up capital quickly and the steady growth of prosperity for all. Keyne's thesis: this was the main justification of the capitalist system. If the rich had now spent their new prosperity on themselves, the regime would have been rejected as unreasonable. RawlsVsKeynes: there are more efficient ways to increase prosperity than the one described by Keynes, which is only valid under certain circumstances. But the essential point here is that Keynes' justification can be reversed to improve the situation of the working class. Keynes presumably claims that the circumstances could not have been changed to the detriment of the disadvantaged. But no matter what he actually meant, Keynes does not say that the hardship of the poor would have been justified by better living conditions of future generations.

EconKeyn I
John Maynard Keynes
The Economic Consequences of the Peace New York 1920


Rawl I
J. Rawls
A Theory of Justice: Original Edition Oxford 2005
Capitalism Schumpeter Brocker I 250
Capitalism/Schumpeter: Thesis: a) Capitalism is best understood not as a system of market equilibria, but rather as a competitive dynamic process, driven by innovative companies, to disrupt equilibria; this process not only captures and transforms the structures of the economy, but all structures of modern society. b) For the sake of scientific progress, one must strictly distinguish between positive and normative analysis:
Brocker I 251
SchumpeterVsClassical Economy/SchumpeterVsRicardo/SchumpeterVsKeynes: these authors did not make the distinction between positive and normative analysis. ((s) Distinction descriptive/normative.).
Brocker I 254
Schumpeter's thesis: Capitalism will not perish from its failures, but from its successes. In contrast to Marx, however, this is presented as a conditional prognosis rather than an unconditional one. The condition is that no disturbing influences occur in the future development. (1) Schumpeter pro capitalism: see Civilization/Schumpeter.
Brocker I 255
Innovation/Schumpeter: the development of capitalism can only be described taking into account the innovation competition for ever new products, processes and organizational forms, which is essential for the process of creative destruction. (2)
Brocker I 262
Schumpeter's main message is that the (supposed) strengths of socialism should be feared as totalitarianism and that the (supposed) weaknesses of capitalism should be acknowledged as civilized in modern society and thus worthy of preservation. (See also Socialism/Schumpeter).

1. Joseph A. Schumpeter, Capitalism, Socialism and Democracy, New York 1942. Dt.: Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie, Tübingen/Basel 2005 (zuerst: Bern 1946). S. 105, 263.
2. Ebenda S. 142.
Ingo Pies, „Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie (1942)“ in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018.

EconSchum I
Joseph A. Schumpeter
The Theory of Economic Development An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Cambridge/MA 1934
German Edition:
Theorie der wirtschaftlichen Entwicklung Leipzig 1912


Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Crises Friedman Brocker I 396
Crises/Friedman: Friedman's thesis: The great global economic crisis of the early 1930s was not, as claimed by the academic school of Keynesianism, the result of immanent instability tendencies in the market economy, but of the failure of central bankers.
Brocker I 397
After the American stock market crash of 1929, they had not tried hard enough to prevent the collapse of the banks; the related thereto annihilitaion of the accounts had reduced the money supply by 20 percent and the collapse of demand for goods and economic activity was thus inevitable. FriedmanVsKeynesianism, FriedmanVsKeynes. Solution/Friedman: A policy of steady money supply growth as a necessary and sufficient condition of macroeconomic stability, i.e. above all to preserve the value of money. However, this concept was only implemented in some countries in the early 1970s after Keynesian stability policy (a constant variation in taxes and government spending) failed due to the problem of rising inflation rates.


Peter Spahn „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018

Econ Fried I
Milton Friedman
The role of monetary policy 1968


Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Economic Cycle Neoclassical Economics Mause I 226
Economy/Neoclassical Theory: Economic fluctuations can (...) in the sense of neo-classical theory or in the theory of real business cycles (Real Business Cycle or RBC-theory; Stadler 1994 (1)) also occur on the supply side of the goods markets if it comes to fluctuations in the provision of production factors. Neoclassical theory: for them, what is happening on the labour markets ((s) for economic development) is important in the medium term.
NeoclassicsVsKeynesianism/NeoclassicismVsKeynesianism: Neoclassical models ((s) unlike Keynesianism, which looks at the behaviour of private households) regard the state as primarily responsible for the occurrence of economic cycles, while implying inherent stability in the private sector. An unsystematic monetary or fiscal policy leads to uncertainty and adjustment reactions of market participants, which are reflected in economic fluctuations. (See Hayek "presumption of reason", "pretense of knowledge"). See Economic Cycle/Public Choice.


1. Stadler, George W., Real business cycles. Journal of Economic Literature 32, (4) 1994, S. 1750– 1783.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Economic Policies Friedman Mause I 57
Economic Policies/Friedman/FriedmanVsKeynesianism/FriedmanVsKeynes: Thesis: monetary policy can only achieve short-term success, but is neutral in the long term. Although expansionary monetary policy could initially increase demand and employment, workers would not be subject to monetary illusion and would demand a compensation for the inflation-related reduction in their real wages, i.e. an increase in nominal wages, which would cancel out the initial employment effect. In the long term, unemployment would therefore remain constant; monetary policy would only have caused prices to rise and would not have had any real employment effects. "Real" problems (e.g. unemployment) could only be solved by "real" measures (e.g. facilitating the recruitment of workers by relaxing employment protection, minimum wage and similar regulations). The monetarists therefore recommend a steady monetary policy with the objective of price stability. (1)
Brocker I 398
Economic policy/Friedman: Friedman was afraid that the welfare state would increasingly interfere in the pursuit of individual economic interests and
Brocker I 399
restrict market participants. Monetary policy deals with macroeconomic problems, the average values of employment and inflation. Individual liberty rights are affected indirectly at most.
Brocker I 400
Economic Policy/Politics/Friedman: Friedman rejects conscription and describes the efficiency and development possibilities of the market economy system in such bright colours that there is no room and no need for government intervention, bureaucratic controls or state-organized sectors. The educational system, for example, which from a conservative point of view serves not least to convey "state-preserving" values and ways of thinking, would have to be privatized, as would the media, transport and energy sectors, with the result that political groups lose some of their beloved power, influence and earning potential.

Peter Spahn „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018


1.M.Friedman, The role of monetary policy. American Economic Review 58, 1968, S. 1-17.

Econ Fried I
Milton Friedman
The role of monetary policy 1968


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Economic Policies Monetarism Mause I 57f
Economic Policies/Monetarism/MonetarismVsKeynesianism/MonetarismVsKeynes: In contrast to the Keynesians, the monetarists (...) assume the fundamental stability of the private sector and therefore deny the need for an active stabilization policy. Instead, a stability policy in the form of reliable framework conditions and economic policy restraint on the part of the state is called for. See also Economic Policies/Friedman).
Mause I 225
Economic Policy/Monetarism: all economic policy interventions are (...) assessed on the extent to which they influence the overall economic interest rate level. An expansive monetary policy initially causes interest rate cuts (liquidity effect) and thus considerable effects on the goods markets in the form of volume and price adjustments. See Assets/Neoclassics, See Demand for money/Tobin.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Economics Schumpeter Brocker I 251
Economic Theory/Schumpeter: For the sake of scientific progress, a strict distinction must be made between positive and normative analysis: SchumpeterVsClassical Economy/SchumpeterVsRicardo/SchumpeterVsKeynes: these authors did not make the distinction between positive and normative analysis. ((s) Distinction descriptive/normative.).


Ingo Pies, „Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie (1942)“ in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018.

EconSchum I
Joseph A. Schumpeter
The Theory of Economic Development An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Cambridge/MA 1934
German Edition:
Theorie der wirtschaftlichen Entwicklung Leipzig 1912


Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Equivalence Theorem Ricardo Mause I 277
Equivalence Theorem/government debt/Ricardo/Barro: Thesis: the financing of public expenditure via taxes or via government debt is equivalent. However, this requires a number of restrictive assumptions. The theorem goes back to Ricardo, but was only brought into its present form by Barro. (1) N.B.: The question is whether additional expenditure makes sense in consideration of the need for private cutting consumption to finance it, but not in what way it is financed.
Reason: If government debt rises, private households will anticipate future tax increases and adjust their consumption patterns accordingly.
VsEquivalence Theorem: the empirical relevance of these questions can be questioned.
For example, there could be altruism between the generations: Parents plan with a basically infinite time horizon.
Another problem: it is also assumed that the path of expenditure policy is independent of the financial instrument used. This is only plausible if intergenerational altruism works and voters are perfectly informed.
Behavioral Economics/BuchananVsRicardo/BuchananVsBarro/BuchananVsEquivalence theorem: if government debt is perceived less strongly than taxes, debt-financed higher spending may be politically enforceable. Then Ricardo's equivalence collapses. (2)
This problem also exists when the capital markets are not perfect, allowing households to easily shift consumption between the present and the future, even without public debt instruments.
VsBarro: another problem: distorting taxes: If you move away from the first best tax system, it may well play a role for the welfare of individuals whether the state is in debt. Hereto:
Solution/Barro: subsequently introduced the argument of tax smoothing into the discussion. (3) In this case, it makes sense to compensate for fluctuations in tax revenue by increasing and reducing government debt, but to keep tax rates relatively constant.
BarroVsKeynesianism: The reason for this is not an economic policy countermeasure for Keynesian motives, but the fact that welfare losses caused by distorting taxes increase disproportionately with tax rates. For further problems: see Growth/Diamond.


1. Robert J. Barro. 1974. Are government bonds net wealth? Journal of Political Economy 82 (6): 1095 – 1117.
2. James M. Buchanan & Richard E. Wagner. Democracy in deficit. The political legacy of Lord Keynes. New York 1977.
3. Robert J. Barro. 1979. On the determination of the public debt. Journal of Political Economy 87 (5): 940– 971.

EconRic I
David Ricardo
On the principles of political economy and taxation Indianapolis 2004


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Equivalence Theorem Barro Mause I 277
Equivalence Theorem/government debt/Ricardo/Barro: Thesis: the financing of public expenditure via taxes or via government debt is equivalent. However, this requires a number of restrictive assumptions. The theorem goes back to Ricardo, but was only brought into its present form by Barro. (1) N.B.: The question is whether additional expenditure makes sense in consideration of the need for private cutting consumption to finance it, but not in what way it is financed.
Reason: If government debt rises, private households will anticipate future tax increases and adjust their consumption patterns accordingly.
VsEquivalence Theorem: the empirical relevance of these questions can be questioned.
For example, there could be altruism between the generations: Parents plan with a basically infinite time horizon.
Another problem: it is also assumed that the path of expenditure policy is independent of the financial instrument used. This is only plausible if intergenerational altruism works and voters are perfectly informed.
Behavioral Economics/BuchananVsRicardo/BuchananVsBarro/BuchananVsEquivalence theorem: if government debt is perceived less strongly than taxes, debt-financed higher spending may be politically enforceable. Then Ricardo's equivalence collapses. (2)
This problem also exists when the capital markets are not perfect, allowing households to easily shift consumption between the present and the future, even without public debt instruments.
VsBarro: another problem: distorting taxes: If you move away from the first best tax system, it may well play a role for the welfare of individuals whether the state is in debt. Hereto:
Solution/Barro: subsequently introduced the argument of tax smoothing into the discussion. (3) In this case, it makes sense to compensate for fluctuations in tax revenue by increasing and reducing government debt, but to keep tax rates relatively constant.
BarroVsKeynesianism: The reason for this is not an economic policy countermeasure for Keynesian motives, but the fact that welfare losses caused by distorting taxes increase disproportionately with tax rates. For further problems: see Growth/Diamond.


1. Robert J. Barro. 1974. Are government bonds net wealth? Journal of Political Economy 82 (6): 1095– 1117.
2. James M. Buchanan & Richard E. Wagner. Democracy in deficit. The political legacy of Lord Keynes. New York 1977.
3. Robert J. Barro. 1979. On the determination of the public debt. Journal of Political Economy 87 (5): 940– 971.

EconBarro I
Robert J. Barro
Rational expectations and the role of monetary policy 1976

EconBarro II
Robert J. Barro
David B. Gordon
Rules, discretion and reputation in a model of monetary policcy 1983


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Fiscal Policy Neoclassical Economics Mause I 235
Fiscal Policy/Neoclassical theories: many neo-classical economists (...) reject all forms of economic control through fiscal policy. The reason is that according to neoclassical theory, rational households expect tax increases in the future as government deficits rise. Def Ricardian equivalence: rational households are taking the expectation of rising taxes as an opportunity to reduce their consumption already today. NeoclassicismVsKeynesianism: See Government Debt/Keynesianism.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Government Debt Neoclassical Economics Mause I 235
Government Debt/Neoclassical Theories: NeoclassicismVsKeynesianism: Thesis: State deficits have no effect on overall economic demand, because rational budgets expect the rising debt burden to lead to tax increases in the future as government deficits rise. Def Ricardian equivalence: rational households are taking the expectation of rising taxes as an opportunity to reduce their consumption already today.
Tax policy/Neoclassics: many neo-classical economists therefore reject any form of economic control through fiscal policy.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Government Debt Keynesianism Mause I 235
Government Debt/Keynesianism: if the production potential is already fully exploited, so that higher government spending on goods and services will lead in the long run to lower private spending on goods and services than would be possible without higher government spending, a deficit should be accepted from a Keynesian perspective and expenditure increased to prevent continued weakness in demand and high unemployment. Def Crowding In: Stimulation of private investment activity through government support for overall economic demand. VsKeynesianism: See Government Debt/Neoclassical Theories.

Maus I 277
Government Debt/Keynesianism: According to Keynesian interpretations, deficits in public budgets during the recession serve as a stimulus to strengthen overall economic demand and thus help to weaken the economic downturn and reduce the extent of involuntary unemployment. Problem: Multiplying factor: Whether active deficit-spending can fulfil this purpose depends above all on the answer to the empirical question of how high the public spending multiplier is, which provides information on how strong the effect of additional, deficit-financed public spending on gross domestic product is. This question is still controversial today. (1)
In a crisis in the financial and banking sector and in economics with flexible exchange rates the factor seems to be clearly higher. (2)


1. Ethan Ilzetzki, Enrique G. Mendoza, und Carlos A. Végh. 2013. How big (small?) are fiscal multipliers? Journal of Monetary Economics 60 (2): 239– 254.
2. Giancarlo Corsetti und Gernot J. Müller. 2015. Fiscal Multipliers: Lessons from the Great Recession for Small Open Economies. Research Report, Stockholm: Swedish Fiscal Policy Council.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Macroeconomics Muth Mause I 57f
Macroeconomics/MacroeconomicsVsMonetarism/MacroeconomicsVsKeynesianism/Muth/Lucas: Problems of monetarism or Keynesianism are the lack of explanation of wage and price rigidities or wage and price formation at all, or the arbitrary approach in modeling the expectations of economic entities. Ultimately, there was a lack of a microeconomic foundation for macroeconomics. The new Classical Macroeconomics, of which John F. Muth (1930-2005) and Robert E. Lucas (born 1937) are the main representatives tried to close this gap. Two assumptions are fundamental to this approach: On the one hand, it is assumed that expectations are rational, i.e. that the modelled economic entities utilize all information inherent in the model and therefore arrive at the same forecasts as the model itself. On the other hand, price flexibility and the permanent equilibrium of the markets are assumed. Accordingly, fluctuations in production and employment are not interpreted as imbalances but as a sequence of equilibrium positions.
New Classical Macroeconomics Thesis: There is no involuntary unemployment!
VsMuth/VsLucas/VsMacroeconomics: the macroeconomic problems observed were more or less defined away. There was no real foundation through a microeconomic approach.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Monetary Policy Friedman Mause I 57
Monetary policy/Friedman/FriedmanVsKeynesianism/FriedmanVsKeynes: Thesis: monetary policy can only achieve short-term success, but is neutral in the long term. Although expansionary monetary policy could initially increase demand and employment, workers would not be subject to monetary illusion and would demand a compensation for the inflation-related reduction in their real wages, i.e. an increase in nominal wages, which would cancel out the initial employment effect. In the long term, unemployment would therefore remain constant; monetary policy would only have caused prices to rise and would not have had any real employment effects. "Real" problems (e.g. unemployment) could only be solved by "real" measures (e.g. facilitating the recruitment of workers by relaxing employment protection, minimum wage and similar regulations). The monetarists therefore recommend a steady monetary policy with the objective of price stability. (1)
Brocker I 398
Monetary Policy/Friedman: a steady monetary policy can eliminate the political and even make central banks superfluous. The aim is to expand the money supply moderately and regularly. In theory, it is sufficient for a banknote issuing office to set up a standing order for an amount x. FriedmanVsCentral Banks, FriedmanVsPolicy.

Peter Spahn „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018


1. M.Friedman, The role of monetary policy. American Economic Review 58, 1968, S. 1-17.

Econ Fried I
Milton Friedman
The role of monetary policy 1968


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Money Supply Friedman Brocker I 397
Money Supply/FriedmanVsKeynesianism/Economic crisis/Friedman: Thesis: After the economic crisis of the early 1930s, central banks had not tried hard enough to prevent the collapse of banks. Solution/Friedman: A policy of steady money supply growth as a necessary and sufficient condition of macroeconomic stability, i.e. above all to preserve the value of money.


Peter Spahn „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018

Econ Fried I
Milton Friedman
The role of monetary policy 1968


Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018
Politics Nordhaus Mause I 227
Politics/Nordhaus: Nordhaus Thesis: Fluctuations in the sense of political economic cycles are deliberately accepted in order to create a positive macroeconomic environment - especially on the labour markets - in the run-up to upcoming elections, which significantly increases the chances of political leaders being re-elected. (1) (2) See Economic Policy/Keynesianism, Economy/Neoclassical Theory, Economic Cycle/Kalecki. (NordhausVsKeynesians, NordhausVsKalecki, KaleckiVsNordhaus, KeynsianismVsNordhaus.)


1. William D. Nordhaus, The political business cycle. Review of Economic Studies 42, (2), 1975, S. 169– 190.
2. W. D. Nordhaus, Alternative approaches to the political business cycle. Brookings Papers on Economic Activity 2, 1989, S. 1– 68.

EconNordh I
William D. Nordhaus
The political business cycle 1975


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Stagflation Keynesianism Mause I 57
Stagflation/Keynesianism/VsKeynesianism: After initial economic policy successes in the 1950s and 1960s, doubts grew about Keynesian macroeconomics (see Economic Policy/Keynesianism), when unemployment and inflation ("stagflation") occurred simultaneously since the early 1970s. See Monetary Policy/Friedman.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018