Economic Papers 1941–88 by Josef Steindl

By Josef Steindl

Those are the gathered essays of Josef Steindl, the writer of "Maturity and Stagnation in American Capitalism". They contain a lifetime's paintings and infrequently move greatly opposed to the current mainstream of financial idea. a few papers were rewritten, one increased and are thoroughly new. the themes coated comprise macroeconomics, financial coverage, the enterprise, know-how and stochastic methods. the writer is prompted through Marx, Keynes and Kalecki but additionally has many unique principles of his personal.

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9. 10. 11. 12. 13. 4) respectively, are represented in Fig. 1. If C increases, the curve representing the marginal risk premium in the graph is shifted downwards, and it can be seen at a glance that this must lead to an increase in investment, provided that the above stability condition is fulfilled. I am indebted to Mr Kalecki for clarification of this point, as weIl as for many other suggestions. And subject to the stability condition mentioned in the preceding note. This conception of profit is the same as that evolved in broad outline by Mrs Robinson in An Essay on Marxian Economics, p.

5) In addition, Marshall's problem (that is, why large-scale economies do not lead to monopolistic domination) has been affected by developments already occurring in his own time, and intensified since. There is in fact a very great proportion of our present economic system which is already subject to monopolistic domination. For monopolistic domination in the market of a product to be achieved, it is not necessary that concentration should go so far as to combine the whole, or virtually the whole, output in one hand.

If we consider the economy as a whole, it is therefore likely that the growing big entrepreneurs will find opportunities for increased investment at a constant or even at an increasing rate of profit e. The differential advantage of the big entrepreneur will then at least remain constant, or even increase in the process of accumulation. The tendency towards 'relative concetttration' of capital is thus established, but will this at the same time also mean 'absolute concentration' of capital? It can be shown that this is the case, provided that certain assumptions about the development of the average rate of profit hold good.

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