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Josef Steindl and the Instability of Capitalism

John King

Review of Political Economy, 2008, vol. 20, issue 3, 333-340

Abstract: Josef Steindl's first substantive publication was a nine-page review of Roy Harrod's book The Trade Cycle (1936), which appeared in the June 1937 issue of the Austrian journal, Zeitschrift fur Nationalokonomie. The review reveals the Austrian - or, as he put it, the neo-Wicksellian - roots of Steindl's early macroeconomic thinking. It also contains the first mathematical formulation of what would later be known as the (Hicks) super-multiplier. In this paper I summarise Steindl's critique of Harrod, comparing his analysis of the multiplier-interaction with that of several contemporaries. A translation of his review is given in the paper that follows.

Date: 2008
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DOI: 10.1080/09538250802170251

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