Investment behavior and yields in some West German industries

Net investment plays a crucial role for the economic development of a country. It contributes to the growth of real income and to the supply of jobs. Therefore, in view of sluggish growth and rising unemployment in Germany, the government as well as the Deutsche Bundesbank and the Council of Economic Experts have repeatedly pointed out the need to promote overall investment. Looking at the share of fixed investment in GDP in the German economy which is relatively high by international standards the complaints about the weakness of investment appear to be somewhat exaggerated. However, a closer look at the investment numbers published by the Deutsche Bundesbank (1983a, 1984) shows that the structure of domestic capital formation has changed dramatically since 1960. While investment by the non-financial business sector excluding housing accounted for 55 per cent of total investment in 1960, it has declined to some 30 per cent in the early 1980s (Figure 1) . Investment in residential construction and public investment have increased their share from about 44 per cent to more than two thirds in the early 1980s. Thus, instead of using more resources for enlarging and improving productive capacities, an increasing share of domestic savings has been channeled into projects the choice of which has not been made according to private profitability but from the point of view of social benefits. Among these projects are expenditures on infrastructure, public swimming pools, city halls, hospitals, family homes etc., which increase social consumption but hardly contribute to improve the competitiveness of the German industry in domestic and in international markets.

Zinsen, Gewinne, Nettoinvestitionen: Zu den Bestimmungsfaktoren der Sachvermögensbildung westdeutscher Unternehmen

Hoffnungen, die steigenden Unternehmensgewinne würden über kurz oder lang die Investitionsneigung der Unternehmen erhöhen, scheinen sich nicht zu erfüllen. Zwar ist die Investitionsgüternachfrage gestiegen; dies ist jedoch bislang vorwiegend auf Käufe für Ersatz- und Rationalisierungsvorhaben zurückzuführen. Neue Investitionsprojekte werden kaum in Angriff genommen. Auf solche (Netto-) Investitionen kommt es aber an, wenn das Produktionspotential und das Arbeitsplatzangebot steigen sollen. Daß sich die Rahmenbedingungen für solche Investitionen verbessert haben, scheint zweifelhaft. Der Realzins auf Finanzaktiva ist zwar gegenüber der Hochzinsphase 1980/81 gesunken. Die Ertragskraft von Sachvermögen ist jedoch noch immer unzureichend, mögen die Erfolgsberichte der Unternehmen auch ein anderes Bild erzeugen. Die bilanzierten Gewinne sind ein ungeeigneter Indikator für die Ertragskraft des Sachvermögens. Gesetzliche Bewertungsvorschriften, Änderungen der Finanzierungsstruktur und vermehrte Erträge aus Geldanlagen und Beteiligungen verschleiern die wahre Rentabilität der Produktion. Die Unternehmensgewinne, die dem eigentlichen Betriebszweck zuzurechnen sind, haben seit Mitte der 60er Jahre stark abgenommen. Die reale Ertragsrate des Sachvermögens liegt seit Anfang der 80er Jahre sogar unter dem Realzins auf relativ risikolose Kapitalmarktanlagen. Den Unternehmen werden daher auch weiterhin Anlagen in Finanzaktiva oder der Erwerb ausländischer Beteiligungen vorteilhafter erscheinen als die Bildung inländischen Produktivvermögens. --

Cerebellar Complex Spike Firing Is Suitable to Induce as Well as to Stabilize Motor Learning

SummaryBackgroundCerebellar Purkinje cells (PC) generate two responses: the simple spike (SS), with high firing rates (>100 Hz), and the complex spike (CS), characterized by conspicuously low discharge rates (1–2 Hz). Contemporary theories of cerebellar learning suggest that the CS discharge pattern encodes an error signal that drives changes in SS activity, ultimately related to motor behavior. This then predicts that CS will discharge in relation to the error and at random once the error has been nulled by the new behavior.ResultsWe tested this hypothesis with saccadic adaptation in macaque monkeys as a model of cerebellar-dependent motor learning. During saccadic adaptation, error information unconsciously changes the endpoint of a saccade prompted by a visual target that shifts its final position during the saccade. We recorded CS from PC of the posterior vermis before, during, and after saccadic adaptation. In clear contradiction to the “error signal” concept, we found that CS occurred at random before adaptation onset, i.e., when the error was maximal, and built up to a specific saccade-related discharge profile during the course of adaptation. This profile became most pronounced at the end of adaptation, i.e., when the error had been nulled.ConclusionsWe suggest that CS firing may underlie the stabilization of a learned motor behavior, rather than serving as an electrophysiological correlate of an error

Bounce Conditions in f(R) Cosmologies

We investigate the conditions for a bounce to occur in Friedmann-Robertson-Walker cosmologies for the class of fourth order gravity theories. The general bounce criterion is determined and constraints on the parameters of three specific models are given in order to obtain bounces solutions. It is found that unlike the case of General Relativity, a bounce appears to be possible in open and flat cosmologies.Comment: 11 pages LaTe

Bounce behaviour in Kantowski-Sachs and Bianchi Cosmologies

Many cosmological scenarios envisage either a bounce of the universe at early times, or collapse of matter locally to form a black hole which re-expands into a new expanding universe region. Energy conditions preclude this happening for ordinary matter in general relativistic universes, but scalar or dilatonic fields can violate some of these conditions, and so could possibly provide bounce behaviour. In this paper we show that such bounces cannot occur in Kantowski-Sachs models without violating the {\it reality condition} $\dot{\phi}^2\geq 0$. This also holds true for other isotropic spatially homogenous Bianchi models, with the exception of closed Friedmann-Robertson-Walker and Bianchi IX models; bounce behaviour violates the {\em weak energy condition} $\rho\geq 0$ and $\rho+p\geq 0$. We turn to the Randall-Sundrum type braneworld scenario for a possible resolution of this problem.Comment: Matches published versio

The unexpected resurgence of Weyl geometry in late 20-th century physics

Weyl's original scale geometry of 1918 ("purely infinitesimal geometry") was withdrawn by its author from physical theorizing in the early 1920s. It had a comeback in the last third of the 20th century in different contexts: scalar tensor theories of gravity, foundations of gravity, foundations of quantum mechanics, elementary particle physics, and cosmology. It seems that Weyl geometry continues to offer an open research potential for the foundations of physics even after the turn to the new millennium.Comment: Completely rewritten conference paper 'Beyond Einstein', Mainz Sep 2008. Preprint ELHC (Epistemology of the LHC) 2017-02, 92 pages, 1 figur

Eavesdropping on Plant Volatiles by a Specialist Moth: Significance of Ratio and Concentration

We investigated the role that the ratio and concentration of ubiquitous plant volatiles play in providing host specificity for the diet specialist grape berry moth Paralobesia viteana (Clemens) in the process of locating its primary host plant Vitis sp. In the first flight tunnel experiment, using a previously identified attractive blend with seven common but essential components (“optimized blend”), we found that doubling the amount of six compounds singly [(E)- & (Z)-linalool oxides, nonanal, decanal, β-caryophyllene, or germacrene-D], while keeping the concentration of other compounds constant, significantly reduced female attraction (average 76% full and 59% partial upwind flight reduction) to the synthetic blends. However, doubling (E)-4,8-dimethyl 1,3,7-nonatriene had no effect on female response. In the second experiment, we manipulated the volatile profile more naturally by exposing clonal grapevines to Japanese beetle feeding. In the flight tunnel, foliar damage significantly reduced female landing on grape shoots by 72% and full upwind flight by 24%. The reduction was associated with two changes: (1) more than a two-fold increase in total amount of the seven essential volatile compounds, and (2) changes in their relative ratios. Compared to the optimized blend, synthetic blends mimicking the volatile ratio emitted by damaged grapevines resulted in an average of 87% and 32% reduction in full and partial upwind orientation, respectively, and the level of reduction was similar at both high and low doses. Taken together, these results demonstrate that the specificity of a ubiquitous volatile blend is determined, in part, by the ratio of key volatile compounds for this diet specialist. However, P. viteana was also able to accommodate significant variation in the ratio of some compounds as well as the concentration of the overall mixture. Such plasticity may be critical for phytophagous insects to successfully eavesdrop on variable host plant volatile signals