Full text: Conclusions for Research

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Even partial information in this field, bringing us a few 
steps further, would be, however, exceedingly valuable 
and worth a lot of trouble. 
Something might now be said on the three post-war periods 
which Keynes anticipated. The second period faded out 
gradually already in the course of the 60s. In its earlier 
part it was strongly influenced by the catching up process 
in Europe. The continent of Europe had been cut off from 
American technological development for many years; a reserve 
of know how had thus accumulated which became available after 
the war, aided also by Marshall plan and technical assistence; 
it had a strong influence onthe scale of investment and growht 
of productivity on the continent.Drawing on available know 
how is infinitely more easy than creating new one and 
the effects on investment are strong. We can not say exactly 
when these effects were exhausted, but their gradual 
disappearance must have contributed to the ending of the 
second period. The flagging of the animal spirits was 
a motive for increasing tax allowances, illustrated by the 
decrease in profit taxes in various countreis such as 
Britain and the U.S. 
The basic reason for the ending of period two, as Keynes said, 
was the accumulation of capacity and decline of utilisation, 
helped perhaps also by the accumulation of excess depreciation 
although this was counteracted by inflation. 
These considerations suggest a fairly wide field of /Study 
on investment, depreciation, capital stock, capacity and 
utilisation. In an interesting study of the ECE (Geneva ) *

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