Distribution and Growth

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Distribution and Growth

Author:: Steindl, Josef

Scope:: Typoskript, 19 Blätter; mit handschrifltichen Anmerkungen und Ergänzungen sowie 1 Notizblatt mit handschriftlichem Text, geheftet.

Year of publication:: ohne Datum

Language:: English

Note:: Notizblatt mit dem Titel "Include in the lecture on distribution".

Topic:: Saving and distribution

JEL Classification:: O11 [Macroeconomic Analyses of Economic Development]

Shelfmark:: S/M.71.4

DOI:: https://doi.org/10.48671/nls.js.AC14446258

Chapter

Document type:: Chapter

Title:: Distribution and Growth.

8 profit margins and (2) to discuss the modifications which may be necessary to adapt the theory to the post-war conditions and to go beyond the very specific assumptions I formerly made (closed system, negligible role of government, unemployment, large role of internal finance of business etc). Generally speaking I assume that the link between growth and share of profit exists. In the short run it is operated by changes in the rate of utilization. The same is very important also in the long run but there is also another link in the adaptation of % to the growth rate. Let us now deal with the case of a high rate of growth. This will evidently lead to full utilization and thereafter scarcity of equipment. It will be the ideal case for a profit inflation (increased X). In fact, Kaldor in his distribution paper (1954) apparently thought of a high growth rate as being financed in this way, although he was not explicit about the way in which it would work. However, looking at the post-war experience of various countries (excepting the first reconstruction years) it seems doubtful whether profit inflation played any lasting role. In fact, after full employment had been established for some time it seems that there was a strong force acting against an increase in profit margins (X) : Whenever a firm or an industry obtained

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