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Steindlian Models of Growth and Stagnation

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Author Info
Peter Skott () (University of Massachusetts Amherst)
Peter Flaschel

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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.

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2004-11.

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Date of creation: Jun 2004
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Handle: RePEc:ums:papers:2004-11

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Related research
Keywords: Steindl; accumulation; stagnation; markup; monopolization; reserve army of labour.;

Other versions of this item:

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  2. repec:cup:cbooks:9780521066310 is not listed on IDEAS
  3. Pitelis, Christos, 1997. "On Kaldor and Pensions," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 469-82, July.
  4. Steindl, Josef, 1979. "Stagnation Theory and Stagnation Policy," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 1-14, March.
  5. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December. [Downloadable!] (restricted)
  6. Blecker, Robert A, 1989. "International Competition, Income Distribution and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 395-412, September.
  7. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  8. Dumenil, Gérard & Lévy, Dominique, 1996. "Acceleration and slowdown of technical progress in the us since the civil war (the)," CEPREMAP Working Papers (Couverture Orange) 9601, CEPREMAP.
  9. Lavoie, Marc, 1995. "The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques," Cambridge Journal of Economics, Oxford University Press, vol. 19(6), pages 789-818, December.
  10. Levy, Daniel, et al, 1997. "The Magnitude of Menu Costs: Direct Evidence from Large U.S. Supermarket Chains," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 791-825, August.
    Other versions:
  11. Skott, Peter, 1989. "Effective Demand, Class Struggle and Cyclical Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(1), pages 231-47, February. [Downloadable!] (restricted)
  12. Peter Flaschel & Hans-Martin Krolzig, 2003. "Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals," Economics Papers 2003-W16, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Toichiro Asada & Peter Flaschel & Peter Skott, 2005. "Prosperity and Stagnation in Capitalist Economies," Working Papers 2005-12, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  2. Srinivas Raghavendra, 2006. "Limits to Investment Exhilarationism," Journal of Economics, Springer, vol. 87(3), pages 257-280, 04. [Downloadable!] (restricted)
  3. Peter Skott & Soon Ryoo, 2007. "Macroeconomic implications of financialization," Working Papers 2007-08, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
    Other versions:
  4. Peter Skott & Takeshi Nakatani, 2006. "Japanese growth and stagnation: a Keynesian perspective," Working Papers 2006-04, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
    Other versions:
  5. Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  6. Soon Ryoo & Peter Skott, 2008. "Financialization in Kaleckian economies with and without labor constraints," Working Papers 2008-05, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
    Other versions:
  7. Peter Skott, 2008. "Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution," Working Papers 2008-12, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  8. Peter Skott, 2008. "Theoretical and empirical shortcomings of the Kaleckian investment function," Working Papers 2008-11, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  9. Arslan Razmi & Martin Rapetti & Peter Skott, 2009. "The Real Exchange Rate as an Instrument of Development Policy," Working Papers 2009-07, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  10. Peter Skott, 2004. "Mythical Ages and Methodological Strictures - Joan Robinson's Contributions to the Theory of Economic Growth," Working Papers 2004-09, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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