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From Long-Term Growth To Secular Stagnation. A Theoretical Comparison Between Régulation Theory, Marxist Approaches And Present Mainstream Interpretations

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  • Giovanni Scarano

Abstract

Since 2013 various eminent mainstream economists have proposed reviving the doctrine of “secular stagnation”. According to these authors, the only explanation for this new trend could be a negative Wicksellian natural rate of interest, produced by an excess of saving over investment at any positive interest rate. But the idea that the real world economy has entered into a new stagnation trend is really the other side of the coin in explaining the extraordinary long-term growth that characterised the aftermath of World War II. This peculiar growth period has been the main research objective of Régulation Theory, which found accumulation regimes and corresponding modes of regulation as its major determinants. In the paper the theoretical explanations of the new secular stagnation theory are compared with those of Régulation theory and with the original Marxist approaches that initially inspired the French régulation theorists.

Suggested Citation

  • Giovanni Scarano, 2018. "From Long-Term Growth To Secular Stagnation. A Theoretical Comparison Between Régulation Theory, Marxist Approaches And Present Mainstream Interpretations," Departmental Working Papers of Economics - University 'Roma Tre' 0241, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0241
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    References listed on IDEAS

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    1. Martin Feldstein & Lawrence Summers, 1977. "Is the Rate of Profit Falling?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(1), pages 211-228.
    2. Shaikh, Anwar, 2016. "Capitalism: Competition, Conflict, Crises," OUP Catalogue, Oxford University Press, number 9780199390632.
    3. Giovanni Scarano, 2016. "Connections Between Corporate Governanc E, Corporate Savings And Business Cycles In The Economic Literature Around The Great Depression," Departmental Working Papers of Economics - University 'Roma Tre' 0207, Department of Economics - University Roma Tre.
    4. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    5. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 75-83, March.
    6. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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