by Summary:
What Larry Summers calls “secular stagnation”–which blames the limp economy on slower population growth and technical change–is actually “credit stagnation” due to too high a level of private debt. I explain the logic behind credit being an essential component of aggregate demand and income; the empirical consequences–including stagnation in the “Walking Dead of Debt” countries ...
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What Larry Summers calls “secular stagnation”–which blames the limp economy on slower population growth and technical change–is actually “credit stagnation” due to too high a level of private debt. I explain the logic behind credit being an essential component of aggregate demand and income; the empirical consequences–including stagnation in the “Walking Dead of Debt” countries ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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