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| Author: | Tichy, G. |
| Title: | Steindl on instability and stabilization policy |
| Journal: | Review of Political Economy
1994 : OCT, VOL. 6:4, p. 441-449 |
| Index terms: | STABILIZATION POLICY ECONOMIC POLICY |
| Language: | eng |
| Abstract: | Steindl worked all of his life to integrate the explanation of cycles and trends. In his most elaborate model, stochastic innovations trigger off a dynamic process among innovators and their competitors acting through multiplier distribution of income, accumulation of profit and utilization of capacities. History and institutions find ample room in this model and so stabilization policy becomes a complex process. Demand management appears to be secondary to income policy, technology policy and to stabilization of expectations. |
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