Wolfgang Stützel
| Wolfgang Stützel | |
|---|---|
| Born |
23 January 1925 Aalen, West Germany |
| Died | 1 March 1987 (aged 62) Saarbrücken, West Germany |
| Nationality | Germany |
| Institution | 1945–52 University of Tübingen 1952–53 London School of Economics 1953–56 Berliner Bank 1957–58 German Federal Bank 1958–87 Saarland University 1966–68 German Council of Economic Experts |
| Field | Economics, Monetary economics, Macroeconomics |
| Influences | John Maynard Keynes |
| Contributions |
Balances Mechanics of Economics, Paradoxes of competition |
| Awards |
Ludwig Erhard Prize for Economics Journalism, Honorary doctorate University of Tübingen, Grand Cross of the Order of Merit of the Federal Republic of Germany |
Wolfgang Stützel (born 23 January 1925 in Aalen, Germany; died 1 March 1987 in Saarbrücken, Germany) was a German economist and professor of economics at the Saarland University, Germany. From 1966 to 1968 he was member of the German Council of Economic Experts (German: Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung).
He coined the concept of Macroeconomic Mechanics of Balances (German: Volkswirtschaftliche Saldenmechanik).
Among other things, balances mechanics enabled the theories of John Meynard Keynes, in which he argued that government deficit spending can be necessary during a deflationary depression to be placed on a formal, structural arithmetic foundation based on accounting identities. Stützel used balances mechanics to explain how a deflationary depression results from aggregate planned revenues from sales of goods being greater than aggregate planned expenditures on purchasing goods. He also showed on the same basis how an inflationary exuberance results from aggregate planned expenditures for purchasing goods being greater than aggregate planned revenues from sales of goods. He therefore not only explained the validity of Keynes' theory of demand-driven output and employment, but also showed that it only applies in the special case of a buyer's market situation.
Wolfgang Stützel was born in Aalen, Baden-Württemberg, Germany. His father Hermann Stützel was a chemist, a master codebreaker in both war and peacetime, and ran a small pottery factory. His mother Frieda (Hennig) was from Wittenberg. He had three older siblings, a brother and two sisters. He was a talented musician and became a student of Elly Ney at the Salzburger Mozarteum in 1943.
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