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

3 In a somewhat modified form it is this theory, in essence, which has been used by H.Grossmann ( 1929) to demonstrate the necessity of breakdown of capitalism. It should be noted here that breakdown and stagnation are not the same thing. Stagnation involves breakdown if it is assumed a) that the capitalist system cannot exist without growth, and b) that it is impossible, in the long run, to overcome stagnation by adequate economic policies. Many Keynesians will readily accept the truth of the first condition, but the second can not so easily be demonstrated on purely economic grounds, and discussion of it tends to shift to the political and sociological plane. In opposition to the stagnation theories Schumpeter ( 1939) appealed to the concept of long waves to explain the great depression of the 1930s: It was so exceptionally severe, he maintained, because the trough of the trade cycle coincided with the trough of the Kondratieff cycle. This leaves some open questions. The empirical evidence for long cycles is limited and refers mainly to price rather than volume series. There is little theory behind the long wave. A.Hansen (1938) linked it to dominant innovations ( railway, motor car ). More recently Freeman and Soete (1982) interpreted it as a succession of product innovations and process innovations, the ones resulting from the others. In the following a number of authors will be reviewed whose ideas on stagnation are closely related. They were all influenced by Keynes or Kalecki. In fact, there are occasional glimpses of stagnation in the General Theory and more so in Joan Robinsonfe work.

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