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Stagnation Theory and Stagnation Policy

In: Economic Papers 1941–88

Author

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  • Josef Steindl

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.

Suggested Citation

  • Josef Steindl, 1990. "Stagnation Theory and Stagnation Policy," Palgrave Macmillan Books, in: Economic Papers 1941–88, chapter 9, pages 107-126, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20821-0_9
    DOI: 10.1007/978-1-349-20821-0_9
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    Citations

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    Cited by:

    1. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Eckhard Hein, 2017. "Stagnation policy in the Eurozone and economic policy alternatives," FMM Working Paper 05-2017, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Stefan Jestl & Roman Römisch, 2020. "On the Economic Effects of a Reallocation of EU Cohesion Policy Expenditures," wiiw Working Papers 183, The Vienna Institute for International Economic Studies, wiiw.
    4. Eckhard Hein, 2016. "Secular stagnation or stagnation policy? Steindl after Summers," PSL Quarterly Review, Economia civile, vol. 69(276), pages 3-47.
    5. Nina Dodig & Hansjorg Herr, 2015. "Theories of finance and financial crisis – Lessons for the Great Recession," Working papers wpaper126, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Kazimierz Laski, 2007. "Do Increased Private Saving Rates Spur Economic Growth?," wiiw Working Papers 45, The Vienna Institute for International Economic Studies, wiiw.
    7. Eckhard Hein, 2015. "Causes and Consequences of the Financial Crisis and the Implications for a More Resilient Financial and Economic System: Synthesis of FESSUD Work Package 3," Working papers wpaper128, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    8. Nina Dodig & Eckhard Hein & Daniel Detzer, 2016. "Financialisation and the financial and economic crises: theoretical framework and empirical analysis for 15 countries," Chapters, in: Eckhard Hein & Daniel Detzer & Nina Dodig (ed.), Financialisation and the Financial and Economic Crises, chapter 1, pages 1-41, Edward Elgar Publishing.
    9. Eckhard Hein & Judith Martschin, 2020. "The Eurozone in Crisis — A Kaleckian Macroeconomic Regime and Policy Perspective," Review of Political Economy, Taylor & Francis Journals, vol. 32(4), pages 563-588, October.
    10. Eckhard Hein, 2018. "Stagnation policy in the Eurozone and economic policy alternatives: A Steindlian/neo-Kaleckian perspective," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 44(3), pages 315-348.
    11. Hein, Eckhard, 2016. "Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system," IPE Working Papers 61/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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