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SECOLAE STAGNATION HYPOTHESIS Problem of excessive savings BOOKS refuting secular stagnation thesis: Beorge Terborgh Swanson and Schmidt Books containing passages dealing with it: Fellner Vrifht Keirstead Resurgence of interest in problems of economic grovth—of which stagnation thesis is a part Domar Sveezy Florin Council of Economic Advisers STAGNATION THESIS D e d i a i n g INVESTMENT OPPORTUNITIES ABRAMOWITZ, M. Savings and investment: profits vs. prosperity, AER, Sup. XXXII, June 1942 l€4J*l4*A**f ABRAMOVITZ, Moses "Savings and Investment: Profits vs. Prosperity?" THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXXII, No. 2, Part 2, June, 19A2, pp. 53-38. on TNEC id J . iUs *hK»i&» TktoU/ ^ . t ELLIS,fl.S. Monetary policy and investment, AER, Sup. XXX, Mar. 1940 re Hansen1s book Full Recovery or Stagnation and ¥. I. Kings's paper JPE, v. 43, Oct. 1939 ELLIS, Howard S. Monetary Policy and Investment, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXX, March, 1940, pp. 27-43. declining opportunities for investment FELLHER, Wa. J. Monetary policies and hoarding in periods of stagnation, JOURNAL OF POLITICAL ECONOMY, June 194-3. the "tWe UcUho logical SUofSevVtev^ H^qumeiri't- | Ue's.c-s . T or a j e - y/u V WHI FELLNER, William The technological argument of the stagnation thesis, QUARTERLY JOURNAL OF ECONOMICS, August, 1941, pp. 638-52. )l)cv. 1^3 1 <£> Jff"i / / < * «?3^ pp id *1& lAAJX « W lb* - ^ r * * ******* * *^ * c • FRANZSEN, D. G. The secular stagnation t h e s i s and the problem of economic s t a b i l i t y , SOUTH AFRICAN JOURNAL OF ECONOMICS, December, 1942. Pp. 13. Franzsen, D. G. The Secular Stagnation Thesis and the Problem of. Economic Stability. The South African Journal of Economics, December, 1942* Gilbert, Richard V. et. al. *-'*>*. ^ s d , ^ M ECONOMIC PROGRAM FOR AMERICAN DEMOCRACY by 7 Harvard and Tufts economists. Cambridge, Mass, 1938 HANSEN, A. E* "Some notes on mpborgh's tTke Bogey of Economic Maturity/« REVIEW OF ECONOMIC STATISTICS, XXU, no. 1, Feb. 1946, pp. 13-17. TERBOBGH, George: Dr. Hansen on fThe Bogey of Economic Maturity," loc. cit., Aug. 1946 pp. 170-2. HANSEN, A. H. Some-tNotes on Terborgh' s "The Bogey of Economic Maturity" REVIEW OF ECONOMIC STATISTICS, XXVIII, February 1946, 13-17 HANSEN, A. H. Some notes on Terborgh's 'The Bogey of Economic Maturity," REVIEW OF ECONOMIC STATISTICS, February, 1946. Pp. 5. HANSEN, A. R. Extensive expansion and population growth, JKHJENAL OF POLITICAL ECONOMY, XLVIII, No. 4, August, 1940, pp. 583-85. note on H. L. Reed's "Economists on Industrial Stagnation," JPE, XLVIII, No. 2, April, 1940, pp. 244-25O. HANSEN, Alvin H. "Economic Progress and Declining Population Growth," THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXIX, March, 1939, pp. 1-15. Presidential address delivered at the 51st Annual Meeting of the Am. Econ. Assn., Detroit, Mich., Dec. 28, 1933. F\**>CL<XV Ct|tle% . 3O9-/0 Policy X/. I/. ; &trxk p u i u t t s ^ AjorWor* c 19^ HANSEN, Alvin H. fULL RECOVERY OR STAGNATION? New York: Norton, 1938. Pp. 350. Review: by Simon Kuznets, AMERICAN ECONOMIC REVIEW, XXVIII, December, 1938, pp. 752-53. Part I : Keynes (general theory); Harrod, Hayek; s o c i a l c r e d i t proposals (Major Douglas), and rec cent trends i n business-cycle l i t e r a t u r e . HAtc,e^ AM. O- £IU*»-X> *e<ud)c* yfZjyt^JiZ^ Hctn.r ^ZM^S? ^Sr, Hit - 57^/y 14 i<^qi*\5 ** ft- M, +J«c— ... 42^^. „ „ , dbuu<Q*j»«e<Jt .„„ ._ ._„ »o*tf ^ -eAeJUoAeS) ,fh L(Ma.pTs 9 C\Tieita ^ *v /n if LtccJau) SraaunCl ** \nccAiu k"J.pl<*y**A**D * - HIGGIHS, B. H. "The Doctrine of Economic Maturity, 11 AER, xxxvi, Mar. 194,6, 133-41 Mote by Dr. Terborgh, 141. HIGGINS, Benjamin The doctrine of economic maturity, AMERICAN ECONOMIC REVIEW, XXXVI, March, 1946, pp. 133-Hlj Note by Dr. Terborgh, i b i d . , p. 141. Hildebrand, Jr. Monopolization and the decline of investment opportunity, AER, XXXIII, Sept. 1943 HOOVER, Edgar M. Capital Accumulation and Progress, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 40, May, 1950, pp. 124-135. Discussions by Yale Brozen, D. M. Wright, Ralph W. Hidy, pp. 136-143outlets for saving. A reexamination of Keynesian stagnationist thesis. I tnejtuns - (docJoroJ HULAI* Miami tiutvejuuXZf ) JOELSOHN, Walter Die Theorie der sfikularen Stagnation. Vienna* Springer-Verlag, 1952. Pp. 136. Review: by Wolfgang F. Stolper, JOURNAL OF POLITICAL ECONOMY, L H , April, 1953, pp. 174.-5. JONES, Martin V. Secular trends and idle resources. (Doctoral thesis, Chicago, 1944) Journal of Business, Studies in Business Administration, Vol. XIV, No. 4, Oct. 1944 Bus. cycles; Ph.D., Chicago, 1944 L VlK / /K<d^ X KING, Willford I. Are we suffering from economic maturity? JOURNAL OF POLITICAL ECONOMY, October, 1939. KING, W. I . Are ve suffering from economic maturity? JOURNAL OF POLITICAL ECONOMY, V41. l£>, No. 5, October, 1939, pp. 609-622. Km<| W- I Arc U* SttWev«vN<* ?r«n» c)P£ Col** C* <J*V*03*A fib J*V<J pp i#¥ — ^ ^ya. 5,-4 /U^ AX/X Slpf. «W LANGE, Oscar Is the American, economy contracting? AMERICAN ECONOMIC REVIEW, X H X , September, 1939, pp. 503-513. «31 • if Or* U**>* NEISSER, H. P. Stability in late capitalism, SOCIAL RESEARCH, v. 21, Spring, 1954, pp. 11-42. 1895-1914 state of progressive ec. equilibrium in 1920fs changes in ec. structure (esp. in U.S.) consumer durable goods tho vanishing backlog demand and reduction in armament U.S. outlook helped by automatic stabilizers, increase of old age people, erratic upsurges in gov exos. 8nd innovations REDDAWAX, ¥. B. "Special obstacles to full employment in a wealthy canaaunity," THE ECONOMIC JOURNAL, vol. 47, June, 1937, pp. 297-307. Keynes1 General Iheory, ch. 22; A.G.B. Fisher: The Clash of Progress and Security *«£k*e*'p?*LYHe>i( e^u^tfrt^ REDDAVAY, W. B. Special obstacles to f u l l employment in a wealthy community, ECONOMIC JOURNAL, V, YJ June, 1937. Pp. 1 1 . REED, Harold L. Economists on industrial sfaviation, JOURNAL OF POLITICAL ECONOMY, ^^.v H April, 1940. fp &Y*S& Pp. 7. ^ KeeJ 99. L . W¥0 ***¥ - 3-S<3 REED, Harold L. "Economists on Industrial Stagnation," JOURNAL OF POLITICAL ECONOMI, April 1940, pp. 244-250. SAIEES, R. S. The springs of technical progress in Britain, 1919-39, ECONOMIC JOURNAL, LX, 1950, pp. 275-39. cUsv*^fr OLUOLCJ^ C*t $ 4cwv\ouLu*s Viuutlfr SIMONS, Henry C. Hansen on Fiscal Policy JPE, April, 1942, p y 3<JI- SLICHTER, Sumner H. The conditions of expansion, AMERICAN ECONOMIC REVIEW, XXXII, March, 1942, pp. 1-21. Presidential address, American Econ. Assn. M V.F. "Mature economy" bUSI:liL33 ^ l i c h t e r , Sumner H. CONDITIONS Business looks ahead. ( I n r A t l a n t i c monthl y , November, 1939, p . 592-600) gj Refutes idea of T. N# ii. C. t h a t im have a ^ "mature economy11 CO Z Clipped and f i l e d in v.f # M V.F. Slicihter, Sumner H# BU3i.i4ii.S6 Business looks ahead. {In: Atlantic monthCONDITIONS l y , fio^enber, 1959, p,592 ~ 600) Refutes idea of T. N# E. C# t h a t we have a "mature economy11 Clipped and f i l e d i n (Business conditions Mature economy v.f. SMITH, Howard R. The Status of Stagnation Theory. Part© I-II. THE SOUTHERN ECONOMIC JOURNAL, Pt. I — Vol. XV, No. 2, October, 1948. Pt. II — Vol. XV, No. 3, January, 1949. SMITH, Howard R. The Status of Stagnation Theory. Part I, So. Econ. Journal, XV, Oct. 1948, pp. 191-204. $u«*iU JW».e> R. ^ - 2c huMt^Q OCT nvSjJtuffv} SMITH, Howard E. The Status of Stagnation Theory. P a r t s I - I I THE SOUTHERN ECONOMIC JOURNAL, XV, No. 2, October, 1948^ pp. J and XV, No. 3 , January, 1949, pp. MORS, Allace STEENDL, J. MATURITY AND STAGNATION IN AMERICAN CAPITALISM. Oxford University Institute of Statistics Monograph No. 4. New York: Augustus M. Kelly. Pp. ix, 248. Review: by D. Hamberg, AMERICIN ECONOMIC REVIEW, vol. AA, June, 1954, pp. 43-4-18. STSIHDL, J . MATCTRITX AHD STAGHASIfli IJI AMERICAN CAPITALISM. Oxford: B a s i l B l a c k v e l l , 1952. a study of long-term economic development k ^ - <-ud STEINDL, J . MATURITY AND STAGNATION IN AMERICAN CAPITALISM. Oxford, B a s i l B l a c k w e l l [ i n p r e p a r a t i o n , 1951] Ste.V/l J• Maturity Wtf^rspec *>TC/ ^Wr/ Digitized for J / 5FRASER . »*£ / " "i&oMJhm m /V***«»/G«*t STEINDL, J. MATUFITY AND STAGNATION IN AMERICAN CAPITALISM. Oxford: Basel Blackwell, 1952. Pp. 248. Feviev: note by A. H. Hansen, REVIEW OF ECONOMICS & STATISTICS, Vol. 36, Nov., 1954, pp. 409-4U. STEINDL, J . MATURITX AMD STACMATIQN I N AMERICAN CAPIT*I$£M. OcfonH B a s i l B l a c k w e l l , 1952. Pp. 248. Reviewed: Theory o f investment d e c i s i o n s , chaps. IX and X. by Ron Hieser, ECONOMIC RECORD, May 1954., pp. 106-9 by A. H. Hansen, AMERICAN ECONOMIC REVIEW, * Ih -the >Har*r ooo&veco / *-con&r92tcL * dt*tjjrn<*l. ' SWANSON, E r n s t V. and SCHMIDT, Emerson P . ECONOMIC STAGNATION OR PROGRESS: A CRITIQUE OF RECENT DOCTRINES ON THE MATURE ECONOMY, OVERSAVINGS, AND DEFICIT SPENDING. Nev York: McGraw-Hill Book C o . , I n c . , 1946. Pp. x i , 212. heviev: by L. R. K l e i n , JOURNAL OF POLITICAL ECONOMY, V o l . LV, A p r i l , 1 9 4 7 , p p . 1 6 0 - 7 0 SWAMSOK, E. W. and SCHMIDT, E/ P. Economic Stagnation or Progress: A Critique of Recent Doctrines on the Mature Economy, Oversavings, and Deficit Spending. London: McGraw-Hill, 1946. SWANSON, E. ¥. and SCHMIDT, E. P. ECONOMIC STAGNATION OR PROGRESS*^ CRITIQUE OF RECENT DOCTRINES ON THE MATURE ECONOMY, OVERSAVINGS, AND DEFICIT SPENDING. New York: McGraw-Hill, 1946. Pp. 3d, 212. Review: by H. Gordon Hayes, AMERICAN ECONOMIC REVIEW, XXXVII, June 1947, pp. 458-59. SVANSON, E r n s t W. and SCHMIDT, Emerson P . ECONOMIC STAGNATION OR PROGRESS? McGraw-Hill, 1946. P p . x , 1 9 7 . Review: Nev York: by H. Gordon Hayes, AMERICAN ECONOMIC REVIEW, XXXVII, J u n e , 1947, pp. 4 5 8 - 5 9 . Subtitle of book: A critique of recent doctrines on the mature economy, oversavings, and d e f i c i t spending. SWEEZ7, Alan R. "Secular Stagnation," in POSTWAR ECONOMIC PROBLEMS, edited by S. E. Harris. New York: McGrawHill, 1943. TERBORGH, George THE BOGEY OF ECONOMIC MATURITY. Chicago: Machinery & Allied Products Institute, 194-5. Review: by Thor Hultgren, JOURNAL OF POLITICAL ECONOMY, vol. LV, Aug. 1947, pp. 363-4.. TERBORGH, George The Bogey of Economic Maturity FORTUNE, June 194-5 pp. 138-139, 239-242, 245-24-8, 251- TERBORGH, George "Dr. Hansen on 'The Bogey of Economic Maturity," RES, XXVIII, No. 3, Aug. 194-6, pp. 170-72. VRIGHT, David MoCcaA "The gr«at guessing gABe": Terborgh vermis Hansen, REVIEW OF ECONOMIC STATISTICS, OTX, no. 1, February, 1946, pp. 18-22. WRIGHT, D. McC. •fhe great guessing game1: Terborgh versus Hansen, REVIEW OF ECONOMIC STATISTICS, February, 194-6 • Pp. 5. WRIGHT, David IfeCord "The Great Guessing Game": Terborgh Versus Hansen. REVIEW OF ECONOMIC STATISTICS, XXVIII, February 19^6. 18-22