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Secular Stagnation or stagnation policy? Steindl after Summers

Level: advanced
Eckhard Hein | IMK, 2015
Perspective: Post-Keynesian Economics
Topic: crisis, financialization
Format: Lecture
Duration: 00:30:53
Link: https://www.youtube.com/watch?v=2gRhk8bxE1M

Eckhard Hein criticises the mainstream's view of secular stagnation as the result of a negative real equilibrium interest rate. Arguing in a Keynesian spirit with particular reference to Steindl, secular stagnation is considered to be a result of shift in the functional income distribution, and oligopolistic organisation of industries, leading to excess capacity and reluctance to invest. This acts as a drag on effective demand and results in secular stagnation. Distributional policies and public investment can, however, overcome stagnation its tendencies.


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Das Netzwerk Plurale Ökonomik e.V. wird aufgrund seiner Unabhängigkeit und des Einsatzes für Pluralismus und Vielfalt nicht von finanzstarken Interessensgruppen getragen. Deshalb freuen wir uns sehr über eine einmalige oder dauerhafte Spende.