Steindl
Steindl refers primarily to Josef Steindl (1912-1993), an Austrian economist known for his contributions to post-Keynesian economics, particularly his work on income distribution, technical progress, and the theory of economic growth.
Biography and Career:
Josef Steindl was born in Vienna and educated at the University of Vienna. He was influenced by the work of Michał Kalecki and became a prominent figure in the development of post-Keynesian thought. After World War II, he worked at the Oxford Institute of Statistics and later at the Austrian Institute for Economic Research (WIFO) in Vienna. He also held visiting professorships at various universities.
Key Contributions:
Steindl's most influential work is his book "Maturity and Stagnation in American Capitalism" (1952), which argued that the concentration of capital in the hands of large corporations leads to a tendency toward stagnation in advanced capitalist economies. This stagnation arises because these corporations have a high propensity to save and a low propensity to invest, creating a lack of aggregate demand.
His other significant contributions include:
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The Theory of Income Distribution: Steindl developed models explaining how income is distributed between profits and wages, emphasizing the role of market power and pricing decisions of large firms.
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Technical Progress: He analyzed the impact of technological change on employment, income distribution, and economic growth.
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The Role of Finance: Steindl recognized the importance of financial markets and institutions in shaping economic outcomes.
Legacy:
Josef Steindl's work continues to be influential in heterodox economics, particularly among scholars interested in the relationship between income distribution, accumulation, and stagnation. His insights are seen as relevant for understanding contemporary issues such as increasing inequality and the challenges of sustained economic growth. His work has stimulated further research on the role of corporate power, the distribution of income, and the potential for instability in capitalist economies. His approach combined rigorous theoretical analysis with empirical observations.