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

See for example Eatwell, Llewelyn and Tarling, Money wage inflation in industrial countries. Review of Economic Studies 41 (1974) 515-523 Aukrust 0,, Inflation in the open economy. Worldwide inflation - theory and recent egperience.Ed Krause and Salant Brookings institution. Jackson Turner and Wilkinson, Do Trade Unions cause Inflation Cambridge U.P. 1972 Scitovsky, I.Market power and inflation Economica Aug 1978 Another feature is that shifting of wage increases to prices xxxxh has become increasingly easy (invisible Okvyvo handshake ). This may have something to do with the wider scope ( in practice ) of wage movements ( the large concerns and the large unions ). Thirdly,The shifting of price increases on to wages, if only with a time lag has become prevalent even where no explicit indexation took place. Due to this inflation tends to be passed on th the next period. Inflation becomes inherited from the past. ^ <tSUy All this can still be reconciled with a relatively mild degree of inflation. The violent destablisations which took place at certain times were caused by commodity prices, the dollar devaluation of 1971, the floating exchanges an perhaps by exceptional wage increases ( the burst of 1969-71) But these events would act more decisively on the background of a general upward bias which persists until now.

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