Stagnation theory in the light of recent history. (Fassung 1)

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Stagnation theory in the light of recent history. (Fassung 1)

Author:: Steindl, Josef

Scope:: Typoskript, 14 Blätter, kopiertes Exemplar mit handschriftlichen Anmerkungen

Year of publication:: 1974

Source material date:: [vermutlich um 1974]

Language:: English

Description:: How far are the ideas from "Maturity and Stagnation" relevant for other countries and for more recent periods.

Subject:: Industriestaaten Wirtschaftswachtsum Wirtschaftsentwicklung Stagnation

Related work:: Steindl, Josef: Maturity and Stagnation in American Capitalism. Oxford: Blackwell, 1952

Topic:: Growth,cycle and stagnation

JEL Classification:: O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.45.3

Access:: Free access

9 which is due for renewal and which is equal to the investment 20 years earlier. The excess is the greater, the greater the accumulation, it will therefore be largest in the later stages of the "long boom", and will represent a damping influence (just to keep up a given capacity you will have to invest less than the depreciation quota). At the later stages of a "long recession" this excess depreciation will be much less (or zero, if there has been stagnation). Speaking in terms of "long waves" and placing so much weight on the active role of the rate of growth of capital, we may well ask how the process is hemmed in - bounded - within what are after all fairly narrow limits. In the upward direction the limits are given by resources: They make themselves felt as bottlenecks. Basically the speed of development is limited by the capacity of people and of a society to learn. The impression is that at certain times and places we are not so very far away from this limit. It is much more difficult to answer the question - which is perhaps topical - where the lower limit lies, and what forces may reactivate a sluggish secular movement. In analogy to the trade cycle, we may say that removal of the excess capacity will be a condition. It is rather hard to imagine at the moment that this will easily

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