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

WOi ip £sO L Growth and Stagnation The experience of the years between the wars has led me to interest myself in the explanation of longterm developments like the stagnation of the 30s and later the post-war developments. After the classics the long term problems of history have been neglected by economists except Marx and Schumpeter. Marx asked very good questions, but his answers were not always so good. He posed the problem of inner contradictions of the capitalist system which would tend to make it more and more unworkable. Such inner contradictions can be found in the underconsumption idea. Unfortunately Marx failed to exploit this idea fully and instead followed-the hopeless trail of the increasing organic composition of capital. But it is remarkable that Marx introduced concepts which in one form or another play an important part in Kalecki's macro-economics: The department schema and the distinction between surplus value produced and surplus value realised. For the further development of thought it was extremely important that Rosa Luxemburg and Rudolf Hilferding recognised the emergence of a new phase of capitalism, monopoly capitalism, linked to imperialism. What was still neededrwas the development of the theory of effective demand by Kalecki i and Keynes*' in order to make the old undijeconsumption idea^ finto a cohherent theory^ t In my approach to the problem of the great depression written in the late 40s I proceeded on two different planes: I looked for the explanation in the "real" sphere of production and labor, and at the same time in the financial sphere (debt). I think both are important.

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