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

Description:: This article by Steindl gives a short overview on theories of stagnation in economics and was published in a slightley different version in the Palgrave Dictionary of Economics.

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

Related work:: Steindl, Josef: Stagnation. In: Eatwell, John; Milgate, Murray; Newman, Peter (Hrsg.): The New Palgrave. A Dictionary of Economics. London: Macmillan 1987

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles]

Shelfmark:: S/M.39.1

Access:: Free access

9 Stagnation had passed out of sight for some time when at the very end of the 60s a new element appeared on the scene: The environmental problems which at that time started to command official attention ( National Environmental Policy Act 1969 ). With the publication of the Limits of Growth ( Meadows 1972 ) a short time later stagnation for the first time appeared as a desirable policy to be pursued and not as a threat to the functioning of our society. The threat of exhaustion of resources and destruction of environment was used as motive for a proposed no-growth policy. With the weakening of growth and the appearance of mass unemployment in the 70s the old stagnation theory received again some attention. Interest shifted, however, now to the structural changes: The decline of the basic or smoke stack industries, the appearance of distressed legions all over the world, the tendential decline of manufacturing, the crisis of the large concerns with their burocratic and hierarchical organisation and their tendency to switch from production to finance and speculation. The crisis of thelarge concern involves retardation of innovation and investment and it therefore links up naturally with the stagnation theories based on oligopoly and concentration of industry. On the face of it the interests of environment and employment are opposed to each other and there are repeated clashes between the two. In spite of this manifest conflict there are,however, close parallels between the ecologist's problems and certain problems of economic structure.

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