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From Stagnation in the 30s to Slow Growth in the 70s.

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Document type:
Works
Collection:
Josef Steindl Collection
Title:
From Stagnation in the 30s to Slow Growth in the 70s.: Fassung 2
Author:
Steindl, Josef
Scope:
Typoskript, 24 Blätter, mit zahlreichen Anstreichungen und Anmerkungen
Year of publication:
1989
Source material date:
[vermutlich um 1989]
Note:
Kopie einer Fassung mit kopierten, ursprünglich handschriftlichen Korrekturen und handschriftlichen Anmerkungen und Anstreichungen. Der vorliegende Text wurde in einer minimal geänderten Fassung zweimal publiziert. In den "Economic Papers" fehlt der einleitende Absatz ("Personal Reminiscenes").
Topic:
Growth,cycle and stagnation
JEL Classification:
E32 [Business Fluctuations, Cycles] O11 [Macroeconomic Analyses of Economic Development]
Shelfmark:
S/M.59.6
Rights of use:
All rights reserved
Access:
Free access All rights reserved
DOI:
https://doi.org/10.48671/nls.js.AC14446134

Full text

11 
The time of economic miracles 
The post-war decades were a surprise not only for Marxists 
and Keynesians; in their earlier stages they were hailed 
as miracles in various countries. In dealing with the pst-war 
time I am going to extend the discussion from the subjHct 
of the U.S. to the wider field of industrial countries 
i.e. especially Europe. They all to a greater or lesser extent 
shared the experience of the pre-war crisis and unemployment 
and they were all enjoying a rather exceptional growth of 
output, productivity and employment now. 
I want to carry out my explanation in two steps: I shall 
/ first explain how the high level of employment and growth 
came about initially. Second I shall show that after these 
favorable conditions had been established they themselves 
created forces capable of perpetuating high growth. 
Taking the U.S_. first, there was a basic stimulus from 
public spending which had greatly expanded as compared to 
pre-war. The effect of that was an expansion of effective 
dmpand even though there were no deficits. The spending (much 
of it military ) was in part financed by taxes on corporate 
mi 
profits ( see my paper in the Cambridge Journal 1979 ). 
The result of the combination of spending and taxes on strong 
higher 
savers is an expansion of output by^, utilisation of capacity 
( 90 p.c. in the 50s ) up to the point where the profit and 
saving remaining after the higher taxes have been paid 
are as great as the y were before. While the profit situation 
v 
of the corporations thus was not made worse by the higher
	        

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Steindl, J. (1989). From Stagnation in the 30s to Slow Growth in the 70s.: Fassung 2. https://doi.org/10.48671/nls.js.AC14446134
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