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.

Distribution and Growth. 1. The long-term development. I want to talk on the relation of distribution and growth. Before I come to this subject, I should like, however, to discuss the nature of long-term development. This will be regarded as a process. The problem is that the impelling forces of this development to a large extent lie outside a narrowly conceived economic world: They are exogenous to it. History, especially in form of the evolution of technology, dominates the economic development; without outside stimulus, according to our usual economic models, the development would cease. Yet we feel, rightly, that the relations ordinarily conceived wages, the multiplier etc. also play their role in the long-run development. The trend, as Kalecki said, is created by a semi-autonomous force. How does this translate into more concrete terms? If we add to an equation describing the business cycle (a functional equation) on the right hand side an exponential term or any function of time, we shall have solved the problem of long-term development by force, as it were. This is the purely exogenous solution; the development is imposed from outside.

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