Lecture Notes: Maturity and Stagnation

Steindl, Josef

Bibliografische Daten

Werk

Dokumentenart:: Werk

Sammlung:: Nachlass Josef Steindl

Titel:: Lecture Notes: Maturity and Stagnation

Autor/in:: Steindl, Josef

Art/Umfang:: Typoskript, 6 Blätter, mit handschriftlichen Korrekturen und Ergänzungen

Erscheinungsjahr:: ohne Datum

Sprache:: Englisch

Beschreibung:: Steindl sees his theory on maturity and stagnation positioned in the middle of Harrod's theory and Kaldor's so called Cambridge theory of long run income distribution.

Anmerkung:: Vorlesungsnotizen

Bezugswerk:: Steindl, Josef: Maturity and Stagnation in American Capitalism. Oxford: Blackwell, 1952

Thema:: Wachstum, Konjunktur, Stagnation

JEL Klassifikation:: E32 [Business Fluctuations, Cycles]

Signatur:: S/M.53.5

Nutzungsrechte:: Rechte vorbehalten

Zugriff:: Freier Zugriff

Harrod no doubt was strongly influenced by the experience of the nineteen thirties. His case of a high warranted rate of growth exceeding the natural rate might be interpreted as follows ( the responsibility for this explanation feeing mine): Our system is still adapted to the high rates of growth which obtained in earlier stafees of capitalism in so far as its saving propensities are high in relation to its requiremunts of capital as determined by(_demographig and technical conditions. A high saving propensity ,however, means a high share of profits in the national income . Thus the implication is that the distribution is adapted to the high rates of growth *fc±sc±HXgH characteristic early capitalism, but ill-suited to a modern - a mature - economy. While Harrod assumed a very high degree of rigidity of the saving ratio, and therefore, in my view implicitly also of the distribution of income, the ppposite is assumed by neo-classical theory, but also by the so-called Cambridge theory of long run income distribution as represented by Kaldor. My own theory is in the middle of these extremes: I assumed ^possibility of adaptation.in principle^of the distribution to the requirements of growth, but I realised that its practical importance in a modern ecomomy dominated by oligopolies is limited, and therefore there is a rigidity of distribution, though not absolute, still sufficiently great to bring about the same result as in Harrods case: A tendency to long run unemployment which persists even if it is overlaid by bompensating factors like armaments and other public expenditure financed by taxes on profits.

Werk

Download und Zitieren

Werk

Bild

Bildfragment

Zitierlinks

Zitierempfehlung