Robert Ashford 'Beyond Austerity and Stimulus' - 10 May 2017
Duration: 50 mins 5 secs
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| Description: |
'Beyond Austerity and Stimulus: Broadening Capital Acquisition with the Earnings of Capital as a Means to Sustainable Fuller Employment and Growth’.
Robert Ashford is Bond, Schoeneck & King Distinguished Professor of Law at Syracuse University, where he teaches or has taught courses in Business Associations, Business Planning, Public Corporations, Professional Responsibility, Secured Transactions, Securities Regulation, and Inclusive Capitalism. |
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| Created: | 2017-05-17 14:17 |
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| Collection: | St Catharine's Political Economy Seminar Series |
| Publisher: | University of Cambridge |
| Copyright: | Robert Ashford |
| Language: | eng (English) |
| Distribution: |
World
(downloadable)
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| Explicit content: | No |
| Abstract: | To achieve fuller employment of labor and capital and enhanced earnings of poor and middle-class people, austerity advocates advance the laissez faire approach grounded in neoclassical theory, and stimulus advocates advance various versions of Keynesian theory. The presentation offers a different strategy (broadening competitive market opportunities to acquire capital with the earnings of capital) resting on a different theory of fuller employment) (the prospect of more broadly distributed capital earnings in future years provides incentives to profitably employ more labor and capital in earlier years). This theory of fuller employment is similar to Keynesian theory but distinct and complementary because it operates in the long run as well as the short run and requires no redistribution. Based on the theory, modest changes in the system of corporate finance will enable market participants to price the value of more broadly distributed capital acquisition. Predicted results include (1) enhanced earnings for poor and middle-class people, (2) enhanced corporate profits and growth, (3) reduced need for welfare dependence, government spending, borrowing, and taxes, and (4) enhanced sovereign creditworthiness. These predicted results, if realized, surpass expectations based on mainstream theories and will make both austerity and stimulus strategies more affordable and politically feasible. |
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