Capital gains are ironically one of the least studied concepts in economics despite their crucial role in national accounting. Although capital gains are technically not involved in the circular flow of production and incomes, they are a vital determinants of consumer credit and personal...

This paper examines Steindl s original 1952 model and relates it to subsequent stagnationist models. The model is then extended by introducing endogenous changes in the markup and a reformulation of the investment function. These extensions address weaknesses of the simpler models, find support...