Effective Demand in the Short Run and in the Long Run

Bibliografische Daten

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

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

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