Full text: Wirtschaft und Gesellschaft - 2019 Heft 1 (1)

Triggered off by Germany debt is increasingly assessed as dangerous. Government debt
is considered as counter-productive and corporate indebtedness is seen as excessive. At
an aggregate basis the volume of debt is necessarily identical to the volume of savings
(given a balanced current account). As savings will continue to increase with increasing
wealth, debt will have to increase in lockstep. Given the 2 percent growth expected for the
future corporate’s investment-driven indebtedness will continue be lower than the supply of
savings. The resulting lack of demand depresses growth and may cause a recession. To
counteract government should use the redundant savings. This is unproblematic in a grow-
ing economy if government invests in infrastructure – material and even more in immaterial:
education, health etc.
Key words: Saving, Interest Rates, Monetary Policy.
JEL codes: E21, E43, E52.
45. Jahrgang (2019), Heft 1 Wirtschaft und Gesellschaft

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