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]

Subject:: Wirtschaftsentwicklung Technischer Fortschritt Vollbeschäftigung Stagnation Effective Nachfrage Industrie Kapazitätsauslastung Wettbewerb

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").

Related work:: Steindl, Josef: From Stagnation in the 30s to Slow Growth in the 70s. In: Steindl, Josef: Economic Papers 1941-88. London: Macmillan, 1990, S. 166-180 Steindl, Josef: From Stagnation in the 30s to Slow Growth in the 70s. In: Berg, Maxine (Hrsg.): Political Economy in the Twentieth Century. New York [u.a.]: Allan, 1990, S. 97-115

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles] O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.59.6

Access:: Free access

3 Stagnation then and now a (1984) Morishima in^recent work^has stressed that economic theory cannot be the same for every country nor for different periods in one and the same country. This applies also to stagnation theory. My stagnation theory was to explain the secular decline of growth from the 19th century to the depression of the 1930s in the U.S. This country was chosen because it seemed to me an easier subject for study than European countries - more of a closed and private economy than they were and less complicated by feudal past and imperialism. I was, however, inspired by a belief that behind the differences of individual countries a common pattern of development of accumulation in capitalism existed, and that a study of a comparatively simple case might reveal something of it. Econonomists in genernl were not much interested in my ideas because at the time of their publication conditions had moved far away from stagnation. The rate of accumulation and of employment was high. Later interest began to increase in some circles and after 1975 I was sometimes commended for having shown foresight. This made me smile because on the one hand I did not think that the experience of post-war prosperity had necessarily disproved my ideas, on the other hand I did not think that these ideas were directly applicable to the new of the 70s. problems^ I spoke of stagnation policy then, in contrast to stagnation theory. I shall deal in my paper with three problems: 1) The old problem of the maturing of the American economy from the 19th century to the great depression. 2) The explanation of the exceptionally high accumulation and employment of the prosperous post-war decades and how they can be reconciled with maturity of the American economy.

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