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.

13 He also lays great stress on a characteristic feature of the oligopolistic industry: Financial uses of profit, in contrast to investment in real (reproducible) resources, play a large role for these firms. Their interest is very much more concentrated on take-overs, which promote the concentration process even more rapidly, than on real invest ment. The stimulus to real investment which profits ought to have is thereby lost nearly as much as with other financial c 4T-.4- D 2) uses of profit. 1) It is true that the sellers of a firm, unless they merely receive shares, will get money which they might theoretically invest. But a good part of the funds passed on in take-overs is used to re-pay debts and thus only increases the liquidity of the banks. If received by shareholders it is far away from direct real business investment. 2) American critics of Reagan have suggested that the additional net profits due to reduction of profits tax will only be used for take overs etc and thereby be lost for investment. Ronald E. Miiller and David H. Moore, America's blind spot: Industrial Policy. Challenge January/February 1982.

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