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Long-Term Growth and Capital Formation in Germany

In: The Theory of Capital

Author

Listed:
  • Walther G. Hoffmann

    (University of Münster)

Abstract

It is my task at this Conference to report on the results of empirical investigations concerned with the relationship between capital formation and economic growth. Rather than venture into new fields of the theory of growth, I am going to confine myself to presenting some new data and the results of a few tests of existing theory. In these studies I have tried to cover rather long periods as far as the statistical data allow. Many of the past analyses of growth suffer from the fact that the time-span investigated was only one or two decades. Here I have tried to use statistical data starting from the middle of the last century. Obviously, such a long-term study has to be restricted to only some of the great number of interesting problems which should be considered in connection with the long-term growth of an economy. In particular, I shall try to show how far the growth of real capital and the changes in its composition can be used to explain the growth of the German economy, but I shall have to leave out other factors, such as the growth of the labour force. This paper will contain no more than the presentation of a number of data and their interpretation as the preliminary result of a comprehensive study of German economic growth.2 Future investigations will have to concentrate on the breakdown of the aggregate data into sectors and branches and on a detailed analysis of these sub-groups.

Suggested Citation

  • Walther G. Hoffmann, 1961. "Long-Term Growth and Capital Formation in Germany," International Economic Association Series, in: D. C. Hague (ed.), The Theory of Capital, chapter 0, pages 118-140, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08452-4_7
    DOI: 10.1007/978-1-349-08452-4_7
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