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The paper deals with the problem, how the profits of a firm are in fluenced by inflation; some conclusions are drawn for the firm's invest ment and financing policy. Profit is defined as the part of cash flow which may be distributed to owners without impairing the firm's real capital. For a firm with a positive profit stream under constant prices it is shown that inflation may cause negative profits, even if all prices rise with the same rate. This means that it is not sufficient for the preser vation of real capital if rises in factor prices result in proportional rises of sales prices....

This book deals with supply-side economics and the needed reorientation it would bring to West German policy. The change, recommended after searching analysis, would add up to an overall strategy for freeing markets, for removing government-imposed distortions, and for using free-market approaches to correct distortions imposed by pressure groups. The strategy would pierce Germany's state-supported encrustations and corporatism. It would equip the country to follow the lead of the United States and Great Britain in starting to escape from the tangle in which taxes, regulations, and...