Secular Stagnation Theories
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Secular Stagnation Theories
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Author : Christina Anselmann
language : en
Publisher: Springer Nature
Release Date : 2020-04-17
Secular Stagnation Theories written by Christina Anselmann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-17 with Business & Economics categories.
In light of weak economic performances and rising income disparities across the developed world during the past decades, this book provides a comprehensive overview of secular stagnation theories in the history of economic thought and examines the role of income distribution in various stagnation hypotheses. By offering a historical perspective, from the classical economists to the most recent stagnation debate of the early twenty-first century, the author shows that most stagnation theories were developed in periods of high and/or rising income disparities. Eventually, it was Josef Steindl, one of the least recognized stagnationists in the history of economic thought, who put the distribution of income at the heart of his stagnation theory. While Josef Steindl focused on the nexus between the functional distribution of income and economic growth, this book includes the personal distribution of income in a Kaleckian-Steindlian model of economic growth and stagnation. In the model presented, the nexus between economic growth and the distribution of income is a priori uncertain, depending on the type of economic shock and the specific economic circumstances. The author also discusses various empirically oriented policy implications aimed at fostering both economic growth and a more equal distribution of income. This book appeals to scholars in economics and the history of economic thought interested in economic growth, secular stagnation, and income distribution.
A Theory Of Accumulation And Secular Stagnation
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Author : Daniel Aronoff
language : en
Publisher: Springer
Release Date : 2018-01-08
A Theory Of Accumulation And Secular Stagnation written by Daniel Aronoff and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-08 with Business & Economics categories.
Thomas Malthus identified a crucial tension at the heart of a market economy: While an accumulation of wealth is necessary to provide the capital investment needed to generate growth, too much accumulation will cause planned saving to exceed profitable investment, which will result in secular stagnation, a condition of low growth and underemployment of resources. Keynes drew inspiration from Malthus in his attempt to comprehend the causes of the Great Depression of the 1930s. Now, Aronoff demonstrates how a related but slightly different aspect of Malthus' thought can illuminate one of the most pressing issues of our times. In A Theory of Accumulation and Secular Stagnation, Aronoff explores Malthus' ideas relating to secular stagnation and uses the insight gained to understand the origins of the subpar growth and tepid employment, periodically punctuated by booms, that has plagued the US economy since the turn of the millennium. He explains how the rise of mercantilism among Asian countries – principally China – and increased income concentration generated an upsurge in excess saving. This accumulation created a chronic deficiency in demand while also depressing interest rates, which generated a search for yield that fuelled periodic booms.
Secular Stagnation
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Author : Larry Summers
language : en
Publisher: Viking
Release Date : 2019-12
Secular Stagnation written by Larry Summers and has been published by Viking this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12 with categories.
The biggest economic debate of our time centres around one fundamental question: is the decreased growth in today's world economy a short-term glitch -- or is it part of a permanent spiral? Without an answer, we have no hope of steering our international economies back towards the growth they need. After the global financial crisis, Larry Summers, Harvard professor and former director of the White House National Economic Council, reintroduced into economic debate the concept of 'secular stagnation', arguing persuasively that we're stuck in a trap of persistent low growth and depressed employment. The causes are various, from new technologies that have shifted the economy to zero-cost designed goods, to interest rates that can't go lower than zero. Without bold government intervention, there's no way out. And there's no time to lose.
Finance Development June 2020
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-01
Finance Development June 2020 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-01 with Business & Economics categories.
Finance & Development, June 2020
The Great Stagnation
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Author : Tyler Cowen
language : en
Publisher: Penguin
Release Date : 2011-01-25
The Great Stagnation written by Tyler Cowen and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-25 with Business & Economics categories.
Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. In The Great Stagnation, Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.
The Financial Crisis Reconsidered
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Author :
language : en
Publisher:
Release Date : 2016
The Financial Crisis Reconsidered written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business cycles categories.
Keynes Against Capitalism
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Author : James Crotty
language : en
Publisher: Routledge
Release Date : 2019-04-29
Keynes Against Capitalism written by James Crotty and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-29 with Business & Economics categories.
Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII "Keynesian" economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political objective was not to save British capitalism, but rather to replace it with Liberal Socialism. This book shows how Keynes’s Liberal Socialism began to take shape in his mind in the mid-1920s, evolved into a more concrete institutional form over the next decade or so, and was laid out in detail in his work on postwar economic planning at Britain’s Treasury during WWII. Finally, it explains how The General Theory provided the rigorous economic theoretical foundation needed to support his case against capitalism in support of Liberal Socialism. Offering an original and highly informative exposition of Keynes’s work, this book should be of great interest to teachers and students of economics. It should also appeal to a general audience interested in the role the most important economist of the 20th century played in developing the case against capitalism and in support of Liberal Socialism. Keynes Against Capitalism is especially relevant in the context of today’s global economic and political crises.
Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics
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Author : Hassan Bougrine
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-07-31
Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics written by Hassan Bougrine and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-31 with Business & Economics categories.
Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Are We Doomed To Secular Stagnation
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Author : Uwe Petersen
language : en
Publisher: CreateSpace
Release Date : 2014-11-25
Are We Doomed To Secular Stagnation written by Uwe Petersen and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-25 with categories.
On 21 November 2013'Larry Summers, during a speech at the IMF's annual research conference last week, stirred up a hornet's nest by painting a picture of a future with chronically weak demand and sluggish economic growth: a phenomenon known as 'secular stagnation'. He is not the first to point to such a scenario. Paul Krugman picked up on the 'secular stagnation' hypothesis from the early postwar period in his blog two years ago. Meanwhile, the specter of imminent deflation dominates especially the monetary authorities, since their opportunities to ban this danger by interest rate cuts and multiplication of money are vanishing. The prevailing neo-classical supply-side economic theory and policies do not understand the phenomenon and the causes of secular stagnation. Therefore their economic policies only fight the symptoms and, if they still work, they only boost capital market games and capital combustion, but at the same time increase the fragility of the economic system. The economic prosperity in Germany is paid with its export-surpluses and corresponding export of capital, by which the surplus savings are transferred abroad. Germany therefore displaces unemployment abroad. Since Germany nevertheless also fulfills all criteria of a secular stagnation, it is living economically on a volcano. The Merkel government does not understand the phenomenon of secular stagnation, the economic problems of the ailing European countries and the monetary policy of the European Central Bank, without which the eurozone already would have collapsed. Therefore, Germany's measures and economic postulates increase the risk of crisis, instead of fighting against its criteria and serving as a model for the smaller countries on how to overcome the economic crisis.
The Financial Crisis Reconsidered
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Author : Daniel Aronoff
language : en
Publisher: Springer
Release Date : 2016-04-08
The Financial Crisis Reconsidered written by Daniel Aronoff and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-08 with Business & Economics categories.
In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors rather than underwater homeowners was responsible for the prolonged recession that followed the crisis. Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.