Growth and Stagnation

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Growth and Stagnation

Author:: Steindl, Josef

Scope:: 2 Notizblätter (A5) und ein Typoskript aus 13 Blättern mit handschriftlichen Anmerkungen.

Year of publication:: ohne Datum

Language:: English

Note:: Seite 1 des Typoskripts ist mit dem handschriftlichen Zusatz "Budapest" versehen. - Entstanden nach 1977.

Topic:: Firm and market structure

JEL Classification:: D43 [Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection] E25 [Aggregate Factor Income Distribution] E23 [Macroeconomics: Production]

Shelfmark:: S/M.62.2

DOI:: https://doi.org/10.48671/nls.js.AC14446139

13 The new assertiveness of small business has been linked to the theoretical belief in self-regulation. This goes hand in hand with a loss in prestige of alD^big organisations, firms, trade unions, and of some of the government regulation. An example of it has been given further above : the stimulation of investment by tax rebates . Self regulation has its role to play in all the details of economic life which are complicated and varied and individual. It would be quite misplaced to generalise this concept so as to embrace the macro-economic variables investment, consumption, distribution, employment. Keynes should not have lived in vain. Self-regulation presupposes that certain boundary conditions are fulfilled. One is reminded of Walras' general equilibrium which can not be conceived wihjbout the auctioner. Unfortunately even some unorthodox economists have been carried away by the idea of self-regulation: Sable-Piore in the last part of their highly interesting book "The great divide" have anticipated a future time in by a society of small producers which self regulation/has developed so far that Keynesian control of macro variables would be unnessary. This I think is an error because the need for Keynesian regulation is independent of whether there are small or big producers. We shall always need control of macro economic variables. But, anyhow, also the authors of this book have not doubted that we need it now.

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