Full text: Stagnation theory in the light of recent history. (Fassung 2)

post-war pattern probably contributed to the successful 
maintenance of full employment. 
A most interesting question is naturally how far the 
pattern has changed again in consequence of. the re 
appearance of unemployment in 1974/75. The question 
relevant to our time is not so much whether mark-ups 
have increased, but whether they have been inflexible 
in face of the decline in the rate of growth. The break 
in the trend of growth took place when employment was 
still high and the limitation of the mark-up by pressure 
of wages should still have worked. It must therefore be 
explained in other ways (for example, by changed attitudes 
to growth). 
The inflexibility of the mark-up in face of declining 
growth rates is prima facie plausible but it can almost 
be taken for granted in view of its results - persistent 
under - utilization of capacity. This seems to correspond 
to facts, unless we regard the existing excess capacity 
as merely cyclical which requires a good deal of optimism. 
The excess capacity exists mainly in a sector which mostly 
is highly concentrated (steel, cars, fibres, some chemicals) 
but not exclusively so (textiles). 
These are industries which are technologically mature

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