STEINDLIAN MODELS OF GROWTH AND STAGNATION

Peter Flaschel and Peter Skott

Metroeconomica, 2006, vol. 57, issue 3, 303-338

Abstract: Following an analysis of the relation between a standard Steindlian model of stagnation and Steindl’s own analysis, we modify the standard model by introducing endogenous changes in the mark‐up and a reformulation of the investment function. These extensions, which address significant weaknesses of the standard model, find support in Steindl’s writing and leave intact some of Steindl’s key results. In a further extension, we add a labour market and analyse the stabilizing influence of a Marxian reserve‐army mechanism. The implications of the extended model for the effects of increased oligopolization are largely in line with Steindl’s predictions.

Date: 2006
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https://doi.org/10.1111/j.1467-999X.2006.00245.x

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Working Paper: Steindlian Models of Growth and Stagnation (2004)
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