Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy

Steindl, Josef

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Dokumentenart:: Werk

Sammlung:: Nachlass Josef Steindl

Titel:: Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy

Autor/in:: Steindl, Josef

Art/Umfang:: Typoskript, 10 Blätter, handschriftliche Anmerkung auf Seite 1, nummeriert

Erscheinungsjahr:: 1976

Datierung der Vorlage:: [vermutlich um 1976]

Beschreibung:: It has been maintained, or pretended, thet Keynesian policies have failed because of obstacles which made them unworkable. Among these are most prominent foreign balance deficits, accumulating government debt and inflation. I do not really believe that these have been sufficient to cause the great change in economic trends and in people's outlook since 1974 (or earlier), but they are serious problems, and, apart from foreign balance problems which all Keynesians have been fully aware of, and which depends entirely on international cooperation, they have not always been taken seriously enough. (Auszug, S. 1)

Anmerkung:: Unveröffentlichtes Typoskript.

Thema:: Wirtschaftsgeschichte, Wirtschaftstheorie, aktuelle Entwicklungen

JEL Klassifikation:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian] H68 [Forecasts of Budgets, Deficits, and Debt]

Signatur:: S/M.59.5

Nutzungsrechte:: Rechte vorbehalten

Zugriff:: Freier Zugriff

6 (expectation of extra profit) from such transfers became gradually weaker. 2. The tendency to underutilization of capacity seems to have been present long before the apparent break in the trend in 1974/75. This tendency preceded each of the recessions (1958, 1967, 1974) and it was felt in the early 1970'ies in several countries in steel, synthetic fibres, fertilisers, textiles; only more recently in motor cars. I feel that the role of utilization as a determinant of investment can hardly be exaggerated. A growing fear of excess capacity might be the most general reason for the gradual weaking of investment. 3. The opening of the system by liberalisation of trade necessitated in formerly heavily protected industries a process of structural adjustment which some countries have found it difficult to carry out satisfactorily. The un adjusted industries tend to be subsidised in one form or another. At the same time countries with chronic balance of payment deficits found it increasingly necessary to grant tax relief to their industries to enable them to compete abroad. This strategy has been applied even where it could not be justified by the state of the foreign balance.

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