Comment on Professor Kurz's Paper

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Comment on Professor Kurz's Paper: Revised Version

Author:: Steindl, Josef

Scope:: Typoskript, 4 Blätter

Year of publication:: 1986-06-06

Language:: English

Note:: Zusatz zum Titel fingiert.

Related work:: Steindl, Josef: Sraffa. Measurement and Aggregation. In: Steindl, Josef: Economic Papers 1941-88. London: Macmillan, 1990, S. 253-275 Steindl, Josef: Sraffa. Measurement and Aggregation. In: Schefold, Bertram und Bharadwaj, Krishna (Hrsg.): Essays on Piero Sraffa. Critical Perspectives on the Revival of Classical Theory. London: Routledge 1992, S. 377-390 Steindl, Josef: Comment. In: Schefold, Bertram und Bharadwaj, Krishna (Hrsg.): Essays on Piero Sraffa. Critical Perspectives on the Revival of Classical Theory. London: Routledge 1992, S. 415-416 Kurz, Heinz D.: Accumulation, Distribution and the "Keynesian Hypothesis". In: Schefold, Bertram und Bharadwaj, Krishna (Hrsg.): Essays on Piero Sraffa. Critical perspectives on the revival of classical theory. London: Routledge, 1989, S. 396- 412

Topic:: Economic history,economic theory,current developments

JEL Classification:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]

Shelfmark:: S/M.65.3

Access:: Free access

3 itself to the growth rate of capacity on the right hand side of the equation. Prof Kurz then turns to his own view of the problem. At the outset he sounds terribly orthodox: "...by definition accumulation can have no impact on normal distribution" (p.24).But he goes furtheVand does not even approve of Prof.Ciccone's position that it is the change in utilisation which brings about the adjustment of ( "realised") profits to the rate of accumulation in the long run ( as it undoubted does in the short run). He argues that an increase in the rate of accumulation will lead to a rate of profit above normal and a real wage rate below normal, but "workers will eventually be successful in re-establishing the normal level of real wages"( p.24 )• How they will do it he does not say ( it would not be obvious in a closed system, at any rate ). In the end Prof Kurz rather darkly alludes to the theory that the problem of increasing rate of accumulation would solve itself by means of the increased output capacity which it would bring about in due course ( p.24/25 ). He seems to forget that the increased output capacity materialises only after the investment has been completed, that is with a considerable time lag and that saving is necessary precisely to bridge this gap. If the additional capacity could be created simultaneously with the spending on the investment goods there would be not limit to accumulation at all, and we could turn the whole of the third world into an enormous Manhattan or Hongkong in no time! In his final paragraph Prof.Kurz makes a remarkable step in a direction where, God knows, we might finally meet. He considers the question whether" the normal position of th

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