What is New Since Keynes?

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: What is New Since Keynes?

Author:: Steindl, Josef

Scope:: Typoskript, 17 Seiten mit handschriftlichen Anmerkungen und Anstreichungen

Year of publication:: ohne Datum

Language:: English

Description:: Steindl analyses the new features of the economy and stresses the need to elaborate Keynesian arguments accordingly. New features are 1. unprecedented openness (internationalisation of banking, multinational companies), 2. destabilisation of price-wage system, 3. increase in public spending and tax revenue, 4. environmental problems, 4. growth of household savings, and 5. structural crisis of basic industries.

Note:: Entstehungszeitraum vermutlich zwischen 1983 und 1990. Erstveröffentlichung des Bezugswerkes von Fausto Vicarelli auf Italienisch: L’Attualità di Keynes. Roma: Laterza, 1983.

Related work:: Steindl, Josef: Keynes' "General Theory" nach 50 Jahren. In: Wirtschaft und Gesellschaft, Band 13, Nr.1 ,1987, S. 11-18 Steindl, Josef: Keynes, J. M. Society and the Economist. In: Vicarelli, Fausto (Hrsg.): Keynes's Relevance Today. London: Macmillan, 1985, S. 99-125 Steindl, Josef: Die gegenwärtige Krise aus der Sicht von J. M. Keynes. In: Wirtschaft und Gesellschaft, Band 9, Nr. 1, 1983

Topic:: Firm and market structure

JEL Classification:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]

Shelfmark:: S/M.76.1

Access:: Free access

CeHelttsieR-- Conclusion CenelusieH— CenelusieH- What is it then that we (Keynesians) have still to learn? What is the weak point of the policies pursued in the pet-war years? We do not know very well how to induce industry to invest and create capacity of just the right amount and of the right type. The idea was that if you create sufficietn demand by fiscal policies then the profits and the utilisation of capacity created in this way will induce industry to invest. It was not assumed that this will necessarily be sufficient to maintain full employment, in other words it was regarded as possible that a permanent budget deficit be necessary for this purpose but with a low rate of interest and a d-e-e-c-rrt- rate of growth this would not be a great problem. Kalecki considered,however, the possibility that industry in spite of the favorable profit situation wmred not create sufficient capacity to £&&& the full employment demand ( Three ways to full employment. In The Economics of Full Employment. Oxford institute of Statistics). In this case he proposed special incentives for business - the so-called modified income tax which essentially very much ressembles the tax incentives ( quick depreciation ) widely used after the war. Also he considered that the government itself could in case of need build the required capacities ( the national industries would give the opportunity ). Now I think that here is the crux of our policies. I suspect that it may no1 ssible to induce industry to invest at a reasonable rate just by keeping effective demand at full employment level.

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