Stagnation Theory and Stagnation Policy

Josef Steindl

Chapter 9 in Economic Papers 1941–88, 1990, pp 107-126 from Palgrave Macmillan

Abstract: Abstract Following the traditions of Kalecki and Keynes, we are led to believe that a high long-term rate of growth is necessary to establish an adequate use of capacity and full employment, because somehow our economy is rather inflexibly adjusted to such high long-term rates of growth. In this line is Harrod’s theory (Harrod, 1939, 1948), as well as my own Maturity and Stagnation (Steindl, 1952). Both explain the secular depression of the pre-war decade in these terms: the economy is unable to adjust to low growth rates because its savings propensity is adapted to a high one.

Keywords: Profit Function; Full Employment; Excess Capacity; High Cost Producer; Military Spending (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-20821-0_9

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