Olaf Gersemann's Cowboy Capitalism: European Myths, American Reality PDF

By Olaf Gersemann

So much literature displaying the greatness of capitalism via facts is horribly biased, yet this publication retains the prejudice to a reasonable point. this implies you get a wealth of statistical details that's not overly stimulated by means of ideology, that's an extraordinary locate.

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However, once a product has hit the market, it is cheap to serve one additional customer; the marginal costs are close to zero. The reason is that the consumption of (electronic) information, for instance software or databanks, is not rivalrous. Mr. A cannot wear a shoe worn by Mr. B at the same time. Software used by Ms. A, however, can be used simultaneously by Ms. B without the two of them interfering with each other. Second, many IT product markets display socalled network effects: The utility of a product increases with the number of its users.

Employment ratios in Germany and France are higher, but they are, if anything, trending downward. S. ratio. 2 percent it’s still lower than it was 30 years ago. In the early 1970s the German employment ratio considerably exceeded the American level. 0 SOURCE: OECD. far below the ratio in the United States. That’s all the more remarkable since reunification jolted that ratio in the early 1990s, thanks to the traditionally high female labor force participation in the former GDR. Whatever the causes, a large minority of the working-age population being out of work is a gigantic waste of human capital.

Consider the following example. 7 hours per person per day in 2002. 6). Let’s assume that the trend toward fewer hours worked was to stop and both the number of annual hours worked and the employment ratio remained the same for years to come. In that case, demographic aging would by 2050 have led to a 9 percent reduction in hours worked per day and per capita in the United States. In France, Germany, and Italy, the decline would be considerably larger— minus 12, minus 16, and minus 22 percent, respectively.

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