Distribution and Growth

Steindl, Josef

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Works

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

Rights of use:: Free access In Copyright

Access:: Free access

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

Chapter

Document type:: Chapter

Title:: Distribution and Growth.

Access:: Free access

16 outside world. This also means that the blow which GNP receives will be considerably softened. These considerations are particularly relevant to the present situation of a reduced long term growth rate in face of inflexible profit mark-ups (_X) • The budget softens the blow. This is small consolation for the long term structural effects on industry of a reduced investment activity. The ossification and senescence of industrial structures and the shift of interest from production to finance has a devastating influence on the innovative powers and the technical advance of industry. If we compare, finally,the flexibility of the profit margin in the one or the other direction - up or down - we see that there is considerable assymetry. There is a kind of ceiling, determined by the limit of the growth rate (given by bottle necks, ultimately by the limits to the speed with which a society can learn). But there is hardly a well defined floor. Is the inflexibility of profit mark-up - down wards - absolute? It would hardly seem plausible even with widespread oligopolistic structures; since long term growth rates, within the historical experience, for example in America, were in the range of 4 or 5 to 0 p.c. it would seem that changes in (long-term) utilization would have had to be rather large to accommodate them. But there is, of course, the budget deficit which, as explained above, may contribute a lot though probably not all to the

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