Effective Demand in the Short Run and in the Long Run

Steindl, Josef

Bibliografische Daten

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Dokumentenart:: Werk

Sammlung:: Nachlass Josef Steindl

Titel:: Effective Demand in the Short Run and in the Long Run

Autor/in:: Steindl, Josef

Art/Umfang:: Typoskript, 10 Blätter, mit zahlreichen handschriftlichen Anmerkungen und Ergänzungen vom Verfasser

Erscheinungsjahr:: 1990

Datierung der Vorlage:: [vermutlich 1990]

Sprache:: Englisch

Beschreibung:: Capitalism today is not exactly what it used to be. The classics used to see it as a production machine which produced a surplus from which the owners paid the interest to the banks which financed it. Today the greater part of the interest does not come from that source but from governments, development countries, and from consumers and home owners directly. [...] There is evidently a striking analogy between this problem and the problems of a permanent budget deficit considered further above. In both cases there is a continuing accumulation of debt which is not "covered" by assets in the productive sector. And in both cases there is an extraction of interest payments which are not paid out of the surplus and which tend automatically to lead to further accumulation of debt. In fact, the budget problem is only one part or one aspect or example of the more general problem which is presumably deeper in so far as it refers to an institutional development in our society. (excerpt, p. 8 and 9.)

Schlagwort:: Kapazitätsauslastung Investition Effektive Nachfrage Deficit spending Öffentliche Schulden Zinsniveau Kreditmarkt Private Verschuldung

Anmerkung:: Typoskript mit geringfügigen Änderungen post mortem (2012) publiziert, ohne Berücksichtigung der handschriftlichen Anmerkungen der vorliegenden Fassung.

Bezugswerk:: Steindl, Josef: Effective Demand in the Short and in the Long Run. In: PSL Quarterly Review, vol. 65, Issue 261, 2012, S. 189-197

Thema:: Wachstum, Konjunktur, Stagnation

JEL Klassifikation:: E11 [General Aggregative Models: Marxian, Sraffian, Kaleckian] E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]

Signatur:: S/M.51.4

Nutzungsrechte:: Rechte vorbehalten

Zugriff:: Freier Zugriff

8 prices rose tremendously in the course of the 70s and 80s - this movement has come to an end just recently, wit^ness the near bankrupcy of Mr.Trump.The increase in the price of land had to be financed and this offered another field for the banks. Overlapping with the developments mentioned occurred a large increase in borrowing of consumers, both for mortgages and for durable consumer goods. This proved to be the mainstay of the large and extended boom after 1982. It may be surmised that the appearance of these new opportunities was not merely a fortunate coincidence but that the banks themselves had a hand in it,whether by their influence on economic policy or by their manipulation of the modern propaganda machine ( the media which contributes not a little to the growth of fashions, movements and trends in our society and economy. Deregulation, tax provisions for consumers credit, tax treatment of capital gains played their role, moreover, the banks themselves created sepecialised institutions (investment banks) which were a decisive factor in facilitating the scope,speed and growth of the leveraged buy out movement. Capitalism today is not exaxtly what it used to be. The classics used to see it as a production machine which produced a surplus from which the owners paid the interest to the banks which financed it. Today the greater part of the interest does not come from that source but from governments, development countries, and from consumers and home owners directly. If the shrinking of the surplus producing machine in relation to the financial apparatus is going to continue we may expect a continuation of the trend to more direct extraction of interest. Does it make a difference? Can it be a permanent feature of the system or are there going to be difficulties arising from it?

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