Wirtschaftsuniversität Wien Logo Full screen
  • First image
  • Previous image
  • Next image
  • Last image
  • Show double pages
  • Rotate to the left
  • Rotate to the right
  • Reset image to default view
Use the mouse to select the image area you want to share.
Please select which information should be copied to the clipboard by clicking on the link:
  • Link to the viewer page with highlighted frame
  • Link to IIIF image fragment

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

Bibliographic data

Works

Document type:
Works
Collection:
Josef Steindl Collection
Title:
Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy
Author:
Steindl, Josef
Scope:
Typoskript, 10 Blätter, handschriftliche Anmerkung auf Seite 1, nummeriert
Year of publication:
1976
Source material date:
[vermutlich um 1976]
Description:
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)
Note:
Unveröffentlichtes Typoskript.
Topic:
Economic history,economic theory,current developments
JEL Classification:
E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian] H68 [Forecasts of Budgets, Deficits, and Debt]
Shelfmark:
S/M.59.5
Rights of use:
All rights reserved
Access:
Free access

Full text

8 
the average wage exceeds that of the average productivity). Another 
view attributs inflation to the wage push exerted by 
trade unions. Actually it was a matter of surprise that things 
worked relatively well, because many economists had thought 
that the system could not work without an industrial reserve 
army. It has to be noted, though, that there existed a 
substitute for that in the influx of labour from agriculture, 
from households and from abroad. 
The acceleration of inflation started only in the seventies. 
Could this be interpreted as a delayed but necessary consequence 
of a long period of full employment? I think that the well 
known special factors - rise in raw material and food prices, 
the oil shock, and a wage explosion which can be understood 
in political terms - are sufficient to explain what happened. 
I shall not go into the further development of inflation from 
the middle 70'ies which was influenced by weakening of 
productivity growth which inturn resulted from unemployment 
and restrictive policies. This decade of inflation gives rise, 
however, to some observations. 
It is remarkable that high and sometimes exorbitant (as in 
Israel!) rates of inflation have never led to hyper 
inflation as in the time after the first world war in Central 
Europe. Neither unlimited increase of velocity of circulation, 
nor de-monetisation and dis-intermediation has even so much
	        

Cite and reuse

Cite and reuse

Here you will find download options and citation links to the record and current image.

Works

METS MARC XML Dublin Core RIS IIIF manifest Mirador ALTO TEI Full text PDF DFG-Viewer OPAC

Image

PDF ALTO TEI Full text
Download

Image fragment

Link to the viewer page with highlighted frame Link to IIIF image fragment

Citation links

Citation links

Works

To quote this record the following variants are available:
Here you can copy a Goobi viewer own URL:

Image

Here you can copy a Goobi viewer own URL:

Citation recommendation

Steindl, Josef. “Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy.” N.p., 1976. Print.
Please check the citation before using it.

Image manipulation tools

Tools not available

Share image region

Use the mouse to select the image area you want to share.
Please select which information should be copied to the clipboard by clicking on the link:
  • Link to the viewer page with highlighted frame
  • Link to IIIF image fragment

Cookies