Geminello Alvi

Wicksell and the Excess of Capital

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The serious crisis and current deflation are determined by the disproportion of real capital that has grown too much and in a distorted way, because monetary and debt policies have not adequately considered the system's actual productivity. Productivity was not what Greenspan had expected, and the euro's average interest rates were too low. The crisis is the consequence of having a monetary surrogate for this lack of productivity.


  • Capital
  • Productivity


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