By Tracy Mott, Nina Shapiro
This assortment honours the paintings of the eminent economist Josef Steindl. Steindl's paintings is illuminated via a severe appraisal of its significant constructs with a spotlight on its relevance to present financial stipulations. This assortment charts the contemplating one of many major fiscal theorists of the 20 th century.
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Additional resources for Rethinking Capitalist Development: Essays on the Economics of Josef Steindl (Routledge Frontiers of Political Economy)
Sample text
Steindl, Josef (1945a) “Capitalist Enterprise and Risk”, Oxford Economic Papers, no. 7 (March), pp. 21–45. Steindl, Josef (1945b) Small and Big Business: Economic Problems of the Size of Firms, Oxford: Blackwell. Steindl, Josef [1952] (1976) Maturity and Stagnation in American Capitalism, New York: Monthly Review Press, reprint of 1952 edition published by Blackwell. Steindl, Josef (1965) Random Processes and the Growth of Firms, London: Griffin. Steindl, Josef (1979) “Stagnation Theory and Stagnation Policy”, Cambridge Journal of Economics, vol.
Steindl’s basic model of stochastic firm growth is a birth and death process. The abstraction Steindl uses in explaining this process is the firm as a population of customers (Steindl 1965, Chapter 2). Customers enter (are born) and leave (die) the firm’s population of customers randomly in proportion to the firm’s pre-existing population. For a firm of any given age there is a probability distribution of the number of customers. New firms are assumed to enter the market at a fixed rate, leading to a mixed distribution of firms of various ages and sizes.
Steindl locates his theory at a point in the development of capitalism where technical innovations create the possibility of lower costs and firms selectively adopt such innovations. Early adopters of innovations are not necessarily the largest firms. 1 Nevertheless, the result is large firms with cost advantages over smaller, less visionary, or less flexible firms. , Joseph Schum-peter’s “epoch-making innovations”, or are they based on early efforts at research and development by entrepreneurs?