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Steindlian Models Of Growth And Stagnation

  • Peter Flaschel
  • Peter Skott

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. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd.

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Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 57 (2006)
Issue (Month): 3 (07)
Pages: 303-338

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Handle: RePEc:bla:metroe:v:57:y:2006:i:3:p:303-338
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  1. 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.
  2. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  3. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December.
  4. 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.
  5. 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.
  6. Steindl, Josef, 1979. "Stagnation Theory and Stagnation Policy," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 1-14, March.
  7. repec:cup:cbooks:9780521365963 is not listed on IDEAS
  8. Pitelis, Christos, 1997. "On Kaldor and Pensions," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 469-82, July.
  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. 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.
  11. Daniel Levy & Mark Bergen & Shantanu Dutta & Robert Venable, 2005. "The Magnitude of Menu Costs: Direct Evidence from Large U.S. Supermarket Chains," Macroeconomics 0505012, EconWPA.
  12. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
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