Stagnation.

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Stagnation.: Fassung

Author:: Steindl, Josef

Scope:: Typoskript, 12 Blätter

Year of publication:: 1987

Language:: English

Note:: Entstehungsdatum erschlossen. - Zusatz zum Titel fingiert.

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles]

Shelfmark:: S/M.39.1

DOI:: https://doi.org/10.48671/nls.js.AC14446311

Stagnation. As far as modern experience is concerned stagnation is linked to the decade of the 1930s when accumulation in the U.S. practically ceased. The concept of stagnation as the inevitable fate of capitalism, however, is as old as classical economics, only its motivation has not always been the same. The source or inspiration of the idea may be traced to various lines of thought. They are, first, historical: It is known that a number of civilisations stagnated, decayed and perished. Some philosophers, among them Oswald Spengler ( 1923) believed in a general pattern of creative phase followed by decadence in all civilisations. The knowledge that, in the past, civilisations the speculation about have decayed must have had an influence on/uhe future of our society. The second source is biological: In analogy to the organic world societies are seen to age. Growth is followed by stagnation and finally decay. This underlies the term maturity (Hansen 1938) used for a society which has reached the end of its growth phase. There are two different interpretations of the process of aging. One refers to the gradual exhaustion of natural resources. This covers the ideas of the classics who anticipated a scarcity of land in relation to the growing population as well as the modern ideas about the limits of growth determined by the exhaustion of fossile resources of energy or of the healthy environment.

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