Michael Burke:
"The uninvested portion of firms’ surplus essentially has only two
destinations, either as a return to the holders of capital (both
bondholders and shareholders), or is hoarded in the form of financial
assets. In the case of the U.S. and other leading capitalist economies
both phenomena have been observed. The nominal returns to capital have
risen (even while the investment ratio has fallen) and financial assets
including cash balances have also risen."
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