Secular Stagnation or stagnation policy? Steindl after Summers

Eckhard Hein
IMK, 2015
Level: advanced
Perspective: Post-Keynesian Economics
Topic: Crises, Money & Debt
Format: Lecture / Presentation
Duration: 00:30:53

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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