1. Europe's Postwar Growth.
- Author
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STEIN, JEROME L.
- Subjects
NONFICTION - Abstract
The thesis of this book is that 'the major factor shaping the remarkable economic growth which most of Europe has experienced since 1950 has been the availability of a large supply of labor.' Increases in the supply could arise from the rate of natural increase, transfers from agriculture to industry and services, and from immigration. Abundant labor can sustain, but cannot initiate growth. A rise in the demand for exports tends to lead to growth and a balance-of-payments surplus as long as supply has some elasticity; and that depends on whether the labor force is growing. 'When the labor supply runs out, exports lead to investment, inflation, imports, and balance-of-payments equilibrium or possibly even deficit, except in the rare case where households have as high an income elasticity of demand for savings ex ante as does business ex post--a curious phenomenon or.... ' [ABSTRACT FROM AUTHOR]
- Published
- 1968
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