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Steindl on Stochastic Processes

Author

Listed:
  • Marcella Corsi

    (Sapienza University of Rome)

Abstract

Steindl's work on stochastic processes aims to describe the economy as in a state of imbalance, due to the fact that its starting conditions are an accident of history, and nobody has a clue what tomorrow will bring. This does not mean that we cannot imagine a balanced distribution - when the various forces of change are constant - as a way of pointing out certain fundamental characteristics. Such a purpose is compatible with the use of stochastic models, because these also entail the study of systematic phenomena. In fact, what we often describe as 'random' is the result of lots and lots of independent forces acting together on a particular phenomenon.

Suggested Citation

  • Marcella Corsi, 2012. "Steindl on Stochastic Processes," PSL Quarterly Review, Economia civile, vol. 65(261), pages 151-166.
    • Handle: RePEc:psl:pslqrr:2012:24
    as

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10096/9985
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    References listed on IDEAS

    as
    1. Marcella Corsi, 2007. "Thinking of Sylos Labini (or Sylos Labini's Thinking)," Review of Political Economy, Taylor & Francis Journals, vol. 19(4), pages 555-562.
    2. Alessandro Roncaglia, 2009. "Keynes and probability: An assessment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(3), pages 489-510.
    3. Sahota, Gian Singh, 1978. "Theories of Personal Income Distribution: A Survey," Journal of Economic Literature, American Economic Association, vol. 16(1), pages 1-55, March.
    4. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    5. Kanbur, S M, 1979. "Of Risk Taking and the Personal Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 769-797, August.
    6. Josef Steindl, 2012. "Reflections on the Present State of Economics," PSL Quarterly Review, Economia civile, vol. 65(261), pages 199-212.
    7. Josef Steindl, 1972. "The Distribution of Wealth after a Model of Wold and Whittle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 39(3), pages 263-279.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Stochastic models; forces of change; Pareto distribution; history matters.;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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