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

And even if you add to this tax incentives I still suspect that it may all be of no avail. x £wi# fa fafafo This view may s4rii-l be controversial if it is a question of increasing industrial investment globally; it becomes overwhelmingly plausible when it is a question of stimulating and! directing) investment and capacity in conformity with a certain structural policy, which takes into account the needs of an evolving dynamic economy and replaces decaying or shrinking indusries by new ones which will cater for the needs of society in the years to come. In conformity, for example, with an energy and power policy which saves energy especially oil, by more effieient use of it / ✓ in the production of electricity and a*n—thns use^in industry; / L j r or in conformity with environmental desiderata which - sfi require considerable changes in our technology, i/ * v' (j> s Not have we not learnt how to induce private business ' 4^ i to " restructure itself"j bmt our power and capacity tc t* model and reform national industries is in most countries V v more or less limited. The use of national industries as a means to stabilize investment was one of the great hopes of full employment policy, and with good reason. But what turns out to be an illusion is the facility with which we thought national industries could be guided and controlled. In fact the conservation of existing structures is like -bhe* 1 k ferrtro^-of— gra■ -e■£ overwhelming importance and very difficult to counteract. Often the national industries are the basic industries that are victims of structural crisis and governments are pressed into a defensive and conservative policy with re^gard to them, unable to redeploy the resources of these industries in a way which would secure their survival in the long run.

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