Lecture Notes: Maturity and Stagnation

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Lecture Notes: Maturity and Stagnation

Author:: Steindl, Josef

Scope:: Typoskript, 6 Blätter, mit handschriftlichen Korrekturen und Ergänzungen

Year of publication:: ohne Datum

Language:: English

Description:: 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.

Note:: Vorlesungsnotizen

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

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles]

Shelfmark:: S/M.53.5

Access:: Free access

A decline in direct cost will increase the slope of the profit function; an increase of overhead cost willshift it downwards. ^learly the balance of the two forcggg wilj^ege^d on the utilisation: at a low utilisation j will be decreased, at a high one it will Ibe increased. w . ,, „„„ + Wfljoxi const£int cost Again, a change in the wage-price relatipn^will chagge the shape of the profit function ; a relative decrease of wages for example /ynA/i/k - ujo will increase the profmar^g-i-n- the slope- and at the same time shift the curve upward; the new jHapfx profit will be superior at any utilisation, but the eaact amount will depend on the utilisation. Since in my theory there is always talk about the balance of the two forces, cost reductions through technical progress and wage-price ratio increases through cmmptition, we must refer to a certain degree of utilisation in order to state unambigously what the balance is. It is natural to choose the planned or desired degree of utilisation for the purpose. ( It is true that the desired utilisation may itself change in the process, but then we have the problem of ind/ces with different bases which hah have to be linked.). Graph: i echnical innovation ledding to decrease in marginal cost and increase in overhead cost, compensation by an increase in wage-profit ratio.

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