The article discusses the concept of stagnation in modern economies, offering an alternative view to the current debate on secular stagnation. Instead of focusing on the equilibrium real interest rate, the study suggests that saving adjusts to investment through income growth and changes in capacity utilization. It emphasizes the role of aggregate demand constraints, with potential growth being driven by actual demand-driven growth. The work of Josef Steindl is highlighted as pioneering in understanding stagnation tendencies in capitalist economies, considering the impact of institutions and power relationships on long-run growth.