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

Steindl, Josef

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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

DOI:: https://doi.org/10.48671/nls.js.AC14446134

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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