Capital Gains in Economic Theory and National Accounting

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Capital Gains in Economic Theory and National Accounting: Alte Version

Author:: Steindl, Josef

Scope:: Typoskript, 15 Blätter, mit Anstreichungen und Anmerkungen

Year of publication:: ohne Datum

Language:: English

Note:: Eine längere Version des vorliegenden Textes wurde post mortem (1998) publiziert. Die in diesem Typoskript vorhandenen Texteile sind im Wesentlichen identisch mit dem publizierten Text (es fehlen Kapitel 9 und Teile von Kapitel 10).

Topic:: Economic history,economic theory,current developments

JEL Classification:: E22 [Investment, Capital, Intangible Capital, Capacity] E01 [Measurement and Data on National Income and Product Accounts and Wealth, Environmental Accounts]

Shelfmark:: S/M.22.6

Rights of use:: Free access In Copyright

Access:: Free access

DOI:: https://doi.org/10.48671/nls.js.AC14446150

2 and capital gains it has produced in the 80s. The shares are not as difficult to reproduce as land and works of art but are not as promptly reproduced as manufactures, so that they are liable to great price fluctuations and also to a long time trend increase in value reflecting the accumulation within the firm. Again very unlike manufactures are raw materials and agricultural produce which therefore give rise to price movements and speculative gains. II. CAPITAL GAINS AND THE KEYNES- KALECKI PARADIGM. When Kalecki analysed the relation between investment and national product (the multiplier ) he always worked in real terms. (Keymes aimed at the same result by his use of wage units ). He assumed that prices of investment and of consumption goods changed at the same pace so that no practical problems would arise (Kalecki 1990, p.259 ). What were his reasons? I think his general method was to separate the analysis of real term movements and price movements since no doubt a simultanous treatment of both problems might produce difficulties. But the assumption of constant relative prices does not always hold. After world war II the prices of investment goods had risen in comparison to those of consumer goods. In the late 80s the opposite movement can be observed. It seems quite natural to apply a multiplier in terms of money rather than in real terms and the regression would hold equally well. This implies, however, a remarkable step in the theory. Saving is needed, then, not only to finance real investment but also to finance a relative increase in the prices of investment goods. If that is accepted it is logical that we should take another step and admit that also an increase in the price of land or of shares whenever they change hands should require and therefore should

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