The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. This is true even in a situation of prosperity and very low interest rates. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life expectancy, driven by the desire to have sufficient assets in old age. On the other hand, the demand for capital is not increasing to the same extent, so that investment is not keeping pace with the rising desire to save. The resulting gap between the private desire for wealth and private investment can only be closed by increasing public debt. This open access book offers a new, capital-theoretical perspective on the macroeconomic relationship between desired wealth and investment, and it presents new empirical data on private wealth and its composition in the OECD plus China area. The authors argue that a free economic and social order can only be stabilized if the wealth aspirations of individuals are met under conditions of price stability. This is not possible without substantial net public debt. A new way of thinking about the economy as a whole is required. By way of an in-depth theoretical and empirical analysis, the book demonstrates this new way of thinking and describes the current challenges facing economic policy. It will appeal to economists and students of economics who are interested in macroeconomic theory and its economic policy implications. An impressive, and convincing theoretical dive into the fundamentals behind secular stagnation, with very strong implications for actual debt policy. Public debt may be needed to improve welfare. - Olivier Blanchard, Senior Fellow at the Peterson Institute for International Economics and Professor of Economics Emeritus at Massachusetts Institute of Technology (MIT). Chief Economist at the International Monetary Fund from 2008 to 2015. Saving and Investment in the Twenty-First Century gives a wholly new perspective on macroeconomics. (...) Weizsäcker and Krämer describe a simple, practical solution to the underemployment that has plagued Southern Europe for more than a decade. - George Akerlof, Nobel Laureate in Economics, 2001. Professor at the McCourt School of Public Policy at Georgetown University and Professor of Economics Emeritus at the University of California, Berkeley. This is a profound and original contribution that can help us to understand and act on the great issues of our times. - Nicholas Stern, Grantham Research Institute on Climate Change and the Environment at the London School of Economics. Author of the Stern Review Report on the Economics of Climate Change. Chief Economist at the World Bank from 2000 to 2003.
New Testament scholars have long debated the historical identity of Jesus and the development of Christology within the church's history. In Who Is Jesus? Carl Braaten reviews the various historical Jesus quests, arguing that it is time for the current ("third") quest to admit failure. Against the implication that "the real Jesus has been lost and needs to be found," Braaten maintains that the only real Jesus is the One presented in the canonical Gospels and that "any other Jesus is irrelevant to Christian faith." He draws on a wealth of historical resources to address such contentious questions as these: What can we actually know about Jesus of Nazareth? Did Jesus really rise from the dead? Is Jesus unique -- the one and only way of salvation? Why did Jesus have to die on the cross? Was Jesus the founder of the Christian church? What does Jesus have to do with politics?
The rapid growth of the world population - nearly six-fold over the last hundred years - combined with the rising number of technical installations especially in the industrialized countries has lead to ever tighter and more strained living spaces on our planet. Because ofthe inevitable processes oflife, man was at first an exploiter rather than a careful preserver of the environment. Environmental awareness with the intention to conserve the environment has grown only in the last few decades. Environmental standards have been defined and limit values have been set largely guided, however, by scientific and medical data on single exposures, while public opinion, on the other hand, now increasingly calls for astronger consideration of the more complex situations following combined exposures. Furthermore, it turned out that environmental standards, while necessarily based on scientific data, must also take into account ethical, legal, economic, and sociological aspects. A task of such complexity can only be dealt with appropriately in the framework of an inter disciplinary group.
Highly respected scholar Carl R. Holladay offers an in-depth critical commentary on the book of Acts in this new work from the acclaimed New Testament Library series. Holladay offers a theological, contextual, and literary interpretation, paying attention to Acts as a rich narrative that accounts for the development of the early Christian church. He sees Luke's literary style as an expression of its theological purpose. Holladay writes, "Convinced that Jesus' life and death and the emergence of the early Christian movement occurred under divine guidance and continued the biblical story by fulfilling God's ancient promises, Luke decided to incorporate them into a grandly conceived narrative told in a dignified yet dramatic style. Acts reflects the close relationship between medium and message, yet it also illustrates how the medium is the message." Holladay's commentary is theologically rich and steeped in narrative analysis that understands the high level of literary style as an expression of the theological content and the telling of the Christian origin. The New Testament Library series offers authoritative commentary on every book and major aspect of the New Testament, providing fresh translations based on the best available ancient manuscripts, critical portrayals of the historical world in which the books were created, careful attention to their literary design, and a theologically perceptive exposition of the biblical text. The contributors are scholars of international standing. The editorial board consists of C. Clifton Black, Princeton Theological Seminary; M. Eugene Boring, Brite Divinity School; and John T. Carroll, Union Presbyterian Seminary.
Carl von Clausewitz (1780–1831) is best known for his masterpiece of military theory On War, yet that work formed only the first three of his ten-volume published writings. The others, historical analyses of the wars that roiled Europe from 1789 through 1815, informed and shaped Clausewitz’s military thought, so they offer invaluable insight into his dialectical, often difficult theoretical masterwork. Among these historical works, one of the most important is Der Feldzug von 1799 in Italien und der Schweiz, which covers an important phase of the French Revolutionary Wars. The Coalition Crumbles, Napoleon Returns focuses mainly on the campaigns in Switzerland, where the cracks that finally fractured the alliance between Russia and Austria and led to the defeat of the Second Coalition first opened. Moving from strategy to battle scene to analysis, this first English translation of volume 6 of Clausewitz’s collected works nimbly conveys the character of Clausewitz’s writing in all its registers: the brisk, often powerful description of events as they unfolded and the critical reflections on strategic theory and its implications. The Coalition Crumbles, Napoleon Returns features Suvorov’s astonishing march through the St. Gotthard Pass and major actions such as the Second Battle of Zurich and the Battle of Mannheim. The nature of the campaign highlighted the contrast between the opposing armies’ different strengths and weaknesses and the problems of fighting as part of a coalition. This book will expand readers’ experience and understanding of not only this critical moment in European history but also the thought and writings of the modern master of military philosophy.
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