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.

10 Imports can loosen the constraint but this will be temporary even if equipment is imported. Also a budget surplus may make it possible for the growth rate to rise above the limits detailed just now. This surplus will automatically tend to appear with a high growth rate, but it may be counteracted by a parallel movement of increased public investment and spending for social services, tendencies which are only too natural in a growing system. In most industrial countries the output capacity of the equipment is not the bottleneck; the manpower is usually the narrower constraint. For this reason the high post-war growth rate was dependent on the supply of additional manpower from agriculture, from the households and from abroad. (The hunger for additional manpower shows that capacity was not the bottleneck). On the basis of preceding considerations we might picture the high growth era of the 50'ies and 60'ies as follows. On the basis of investment and exports there was full employment with high growth and utilization. The bottlenecks prevented the booming economy from creating excess demand and a profit inflation. At the same time the tendency to increase in profit margins in innovating and in export firms was checked by the action of wage drift, which kept up consumers demand and

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