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Summers after Hansen? Comparison of conventional and nonconventional explanations for stagnation in advanced economies

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  • Assilio Luiz Zanella de Araujo

Abstract

This article aims at presenting and contrasting the conventional and nonconventional explanations for economic stagnation in advanced economies. While conventional explanations impute to a new rigidity of these economies the chronic insufficiency of demand, Structural Keynesianism sees this as the result of the neoliberal economic policies and the destruction of the post-World War II institutions. Marxist explanation, even though do not neglect the negative impact of these policies, perceives this problem as resulting from the formation of the great international oligopolies. Due to similarities and possible complementarity, we think that an approximation between Structural Keynesianism and Marxism would be beneficial to both. JEL Classification: B50; E60; O11.

Suggested Citation

  • Assilio Luiz Zanella de Araujo, 2018. "Summers after Hansen? Comparison of conventional and nonconventional explanations for stagnation in advanced economies," Brazilian Journal of Political Economy, Center of Political Economy, vol. 38(3), pages 469-488.
    • Handle: RePEc:ekm:repojs:v:38:y:2018:i:3:p:469-488:id:83
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    Keywords

    Stagnation; conventional explanations; Marxism; Structural Keynesianism;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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