Distribution and Growth

Steindl, Josef

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Dokumentenart:: Werk

Sammlung:: Nachlass Josef Steindl

Titel:: Distribution and Growth

Autor/in:: Steindl, Josef

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

Erscheinungsjahr:: ohne Datum

Sprache:: Englisch

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

Thema:: Einkommensverteilung und Haushaltssparen

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

Signatur:: S/M.71.4

Nutzungsrechte:: Freier Zugriff In Copyright

Zugriff:: Freier Zugriff

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

Kapitel

Dokumentenart:: Kapitel

Titel:: Distribution and Growth.

Zugriff:: Freier Zugriff

17 accommodation of a low growth rate. Somewhat paradoxically, the flexibility of the budget deficit will make the rigidity of profit mark-ups possible. Thus if there is a floor at all it will be provided from outside private business. I can see no kind of automatic control, such as it exists in the upward direction. I think the danger of the long wave theories is that they suggest an automatic recovery from secular stagnation, but I see no reason for this. It can only happen by the intervention of appropriate economic policies. As an after thought we may revisit now the old question of the stability of distributive shares. The empirical evidence for it is not as unshaken as it was at the time of Bowley and of Barna's earlier work, but there may still be enough evidence of a certain resilience of distributive shares. The preceding analysis throws a certain light on these questions. Upwards the profit mark-up will be limited by the rate of growth. The automatic self-control of investment will render a profit inflation impracticable, while, though in conditions of full employment only, rents will be eroded through the action of wage drift. Downwards the variation is made difficult by oligopoly. That the share of profit in the income of the private enterprise sector (excluding small business) should vary only within a certain range is therefore plausible. It must be stressed,

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