Wolfgang Stützel, Date of Birth, Place of Birth, Date of Death

Wolfgang Stützel

German economist

Date of Birth: 23-Jan-1925

Place of Birth: Aalen, Germany

Date of Death: 01-Mar-1987

Profession: economist, opinion journalist

Nationality: Germany

Zodiac Sign: Aquarius

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 Maynard 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 applies only in the special case of a buyer's market situation.