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Theories of stagnation in historical perspective

Author

Listed:
  • Roger E. Backhouse

    (University of Birmingham, UK and Erasmus University Rotterdam, The Netherlands)

  • Mauro Boianovsky

    (Universidade de Brasilia, Brazil)

Abstract

This article traces some of the historical roots of current debates about secular economic stagnation, involving L. Summers, R. Gordon, and others. We focus on early contributions by Alvin Hansen and John A. Hobson. Although Hansen has been the main influence on the secular stagnation literature, Hobson's suggested link between economic inequality and stagnation is of interest in view of T. Piketty's recent claim about the connection between slower growth and inequality. E. Domar and P. Samuelson, Hansen's students at Harvard, elaborated economic growth and multiplier-accelerator models as follow-ups to Hansen's original treatment. Domar called attention to Hobson's insight about underconsumption, increasing capacity, and deficient aggregate demand. We conclude that the range of positions held today concerning stagnation and inequality is large, as it was earlier in the history of thought.

Suggested Citation

  • Roger E. Backhouse & Mauro Boianovsky, 2016. "Theories of stagnation in historical perspective," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(2), pages 147-159, September.
    • Handle: RePEc:elg:ejeepi:v:13:y:2016:i:2:p147-159
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    Citations

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    Cited by:

    1. Nicolas Brisset & Benoît Walraevens, 2021. "From capital to property: History and justice in the work of Thomas Piketty [Du capital à la propriété: Histoire et justice dans le travail de Thomas Piketty]," Post-Print hal-03250042, HAL.
    2. Michaël Assous & Olivier Bruno & Vincent Carret & Muriel Dal-Pont Legrand, 2021. "Expectations and full employment. Hansen, Samuelson and Lange," Revue d'économie politique, Dalloz, vol. 131(3), pages 511-530.
    3. van Riet Ad, 2019. "Monetary Policy and Unnatural Low Interest Rates: Secular Stagnation or Financial Repression?," Review of Economics, De Gruyter, vol. 70(2), pages 99-135, August.
    4. Joan R. Rovira, 2017. "Secular stagnation and concentration of corporate power," Working Papers PKWP1704, Post Keynesian Economics Society (PKES).

    More about this item

    Keywords

    secular stagnation; inequality; underconsumption; Hansen; Summers;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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