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

A /T f%/\ / -u ,V 1, // 4 V 2. An obvious new feature of our times is the sensibilisation (or destabilisation ) and the upward bias of the price- wage system. Formerly it was regarded as natural that technical progress should lead to a decrease in prices in so far as it saved costs. The cost saving was passed on to the buyer unless as it indeed often occurred the innovator or imitator kept it for himself. The conditions of competition which make a swift passing on of the increased productivity in form of price reductions likely have become more rare in consequence of the oligopolistic structure of the economiy which has expanded and become more rigid. Thus At the same time in the period of full employment and scarcity of labour the market power of)the unions has increased ( or rather, jcf the workers in general) and the pressure for wage increases has followed visible increases of producivity in individual industries or individual firms. * Competition has to some extent shifted from the markets of goods to the labour market. C The reasons for this: A.that competition in the products /Wi&ikutu did not bring about quickly enough an adjustment to change in productivity and B.j thai workers organisation had become stronger. The consequence has been on the one hand a stabilisation of consumption fiavorable to full employment, on the other hand an inflationary bias in the economy described by the theory of structural inflation: The tendency f>f industries not favored by peoductivily gains, or of categories of labour which remained behind, to draw level with the forerunners and cause their gains to be shifted to prices.

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