Steindlian Models of Growth and Stagnation

Peter Skott and Peter Flaschel

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: This paper examines Steindl’s original 1952 model and relates it to subsequent stagnationist models. The model is then extended by introducing endogenous changes in the markup and a reformulation of the investment function. These extensions address weaknesses of the simpler models, 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 this model for the effects of increased monopolization are largely in line with Steindl’s predictions.

Keywords: Steindl; accumulation; stagnation; markup; monopolization; reserve army of labour. (search for similar items in EconPapers)
JEL-codes: E24 E31 E32 (search for similar items in EconPapers)
Date: 2004-06
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Citations: View citations in EconPapers (3)

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Journal Article: STEINDLIAN MODELS OF GROWTH AND STAGNATION (2006)
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