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

Rights of use:: In Copyright

Access:: Free access

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

2 These were also the years of a strong socialist conviction which in the subsequent course of time has been sorely tried. I have hardly been influenced very much by Marx as far as the "pure economics" i.e. the labour value theory and all that is linked to it, is concerned. I preferred to think of profits as the consequence of the lack of free entry which is ubiquitous and essential in capitalism, insofar as you need wealth in order to set up in business, and there is a hierarchy of wealth, which reserves the opportunities of exploiting the advantage of large scale to the large wealth, which is scarce. Thus profit is a differential rent like Ricardos positional rent. I think this is rather easier to understand than the tortuous arguments about the increase in working time and intensity, and it meetsthe traditional economist on his own ground. These ideas are connected with my interest in the theory of the firm and with the role of oligopoly and concentration. I have once been told that I have been referred to in Russian literature as a "petty bourgeois economist". May be the description is not so wrong and it is getting less wrong as time goes on . I remember that KaLEcki once got furious with me because in a paper on profits I said that the small entrepreneur, being at the margin, earned no profits. He insisted on my taking this out of the paper, because he did not want to exonerate any part of the capitalists. For the political position of Kalecki it is ( however ( remarkable that he, although quite

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