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Income Distribution in Stagnation Theories

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Secular Stagnation Theories

Part of the book series: Springer Studies in the History of Economic Thought ((SSHET))

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Abstract

This chapter is concerned with the role of income distribution in secular stagnation theories. While questions of distribution are generally more important in demand-side than in supply-side theories, there are still considerable differences among individual stagnation hypotheses. In fact, the issue of distribution only plays a peripheral role in the approaches of Keynes, Hansen, Summers, and Gordon. Among the economists involved in the stagnation debates of the twentieth and twenty-first century, it was Steindl, one of the least recognized stagnationists in the history of economic thought, who put the (functional) income distribution at the heart of his stagnation theory. It is argued that Steindl’s hypothesis can enhance the contemporary stagnation debate by bringing the distribution of income to the fore.

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Notes

  1. 1.

    It must be emphasized here that Hansen was completely aware of the importance of real capital accumulation. Advocating the exploitation of all available investment opportunities (Hansen 1941, p. 249), to him real capital investment was “[...] in a sense [...] much more significant for the economy than consumption expenditures [...],” because it increases productive capacity, allowing for a higher national income in the future (Hansen 1940, p. 3541). To boost real capital investment and discourage saving, Hansen (1941, p. 389) proposed, for instance, to partly tax firms’ undistributed profits if they are not reinvested in real capital. Despite the importance of investment spending, however, based on his presumption of the fading of population growth and territorial expansion, at the time of writing Hansen (1941, pp. 298, 306) did not see sufficient investment opportunities which could secure full employment and adequate growth, especially in the US economy. It was thus considered necessary to boost other components of effective demand which could serve as a stopgap, first and foremost government spending and consumption by private households.

  2. 2.

    While in the case described above aggregate demand and output fall with a reduction in real wages, the decline in national income may be mitigated or even change into an increase in an open economy with government activity and workers’ saving (see, for instance, Asimakopulos 1988, p. 152; López G. and Assous 2010, pp. 134–139, 152–161).

  3. 3.

    It is surprising, however, that—as a critic of industry concentration and oligopolistic tendencies—Steindl did not reflect on the allocation issue associated with Kalecki’s modified income tax. See also footnote 22 in Sect. 3.2.3.1.

  4. 4.

    One can speak of a downward shift or downward rotation of an upward sloping function over time.

  5. 5.

    As outlined by Maki and Palumbo (2001), during the stock market boom in the 1990s, it was particularly the private households at the top of the income distribution that—due to a rise in their stock market wealth—contributed to the fall in the aggregate private household saving rate by increasing their consumption spending. In fact, saving rates at the upper end of the income hierarchy even fell into negative territory prior to the stock market downturn in the early 2000s. See also Poterba (2000) and Dynan and Maki (2001).

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Correspondence to Christina Anselmann .

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Anselmann, C. (2020). Income Distribution in Stagnation Theories. In: Secular Stagnation Theories. Springer Studies in the History of Economic Thought. Springer, Cham. https://doi.org/10.1007/978-3-030-41087-2_7

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