Die Produktion unter dem Einflusse einer Kreditexpansion

[Title Page and Table of Contents]: Title page and table of contents for Richard Strigl's essay on production under the influence of credit expansion, outlining the introduction and three main chapters. [Introduction: Problem Statement]: Strigl introduces the problem of cyclical economic fluctuations, focusing on the role of money and credit. He outlines his investigation into how credit expansion affects production and capital formation, specifically questioning if it leads to genuine capital growth or eventual economic crisis. [I. Credit and Capital Formation]: Strigl analyzes how credit expansion lowers interest rates, incentivizing entrepreneurs to invest in longer production processes or capital-intensive projects that were previously unprofitable. He argues this leads to a reallocation of production factors away from consumer goods toward capital goods, a process often described as 'forced saving.' However, he notes that this shift distorts the natural structure of production and can lead to a decrease in the total social product of consumer goods in the short term. [II. Inhibitions of the Economic Upswing]: This section examines the limits of credit-induced booms. Strigl explores three scenarios: a one-time credit injection leading to immediate liquidation, a theoretical case where genuine saving sustains the new investments, and the most likely case where rising consumer demand and prices eventually make the new capital investments unprofitable. He concludes that without a corresponding increase in real savings, the artificial expansion of capital goods (over-capitalization) must eventually face a crisis as production factors are pulled back toward consumer goods. [III. Theory of Credit Expansion and Experience]: Strigl synthesizes his theoretical model with economic reality, acknowledging that the sharp divisions between production groups are analytical tools. He references the work of Knut Wicksell and Ludwig von Mises, emphasizing that credit expansion creates 'fake capital' (unechtes Kapital) that cannot be sustained by the economy's actual wealth. He argues that while credit can stimulate production, the resulting capital growth is only permanent if supported by voluntary consumer saving rather than bank-driven expansion. [Footnotes and Volume Metadata]: Contains a significant footnote citing Ludwig von Mises's 'Theory of Money and Credit' regarding the divergence between the money interest rate and the natural rate of interest. Includes publication metadata for the volume 'Beiträge zur Wirtschaftstheorie' edited by Karl Diehl.