By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the nice Recession and the next stagnation stuck many economists unexpectedly. yet a bunch of Keynesian students warned for a few years that powerful forces have been major the U.S. towards a deep, chronic downturn. This e-book collects essays approximately those occasions from favourite macroeconomists who constructed a viewpoint that anticipated the extensive define and plenty of particular features of the situation. From this perspective, the restoration of employment and revival of sturdy development calls for greater than momentary financial easing and transitority economic stimulus. Economists and coverage makers have to discover how the method of call for formation failed after 2007, and the place call for will come from going ahead. Successive chapters deal with the resources and dynamics of call for, the distribution and development of wages, the constitution of finance, and demanding situations from globalization, and tell techniques for financial and monetary rules to accomplish a extra effective and equitable society.
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Additional info for After the Great Recession: The Struggle for Economic Recovery and Growth
E. (2010) “The economic crisis from a neoclassical perspective,” Journal of Economic Perspectives, 24, 45–66. Palacio-Vera, A. (2010) “The ‘new consensus’ and the post-Keynesian approach to the analysis of liquidity traps,” Eastern Economic Journal, 36, 198–216. Palley, T. I. (2002) “Economic contradictions coming home to roost? ” Journal of Post Keynesian Economics, 25, 9–32. Palley, T. I. (2008) “Keynesian Models of Deflation and Depression Revisited,” Journal of Economic Behavior and Organization, 68 (1), 167–77.
Unemployment fell to half-century lows. The end of this period of demand generation marked the beginning of the Great Recession. The point of this brief historical summary is to make clear that rising demand is far from automatic. The fundamental Keynesian problem of demand-deficiency has been solved at different times by different and historically specific forces. When demand growth faltered, as in the 1970s or, more dramatically, the 1930s, the economy sputtered, and not just for a year or two.
Palley, T. I. (2008) “Keynesian Models of Deflation and Depression Revisited,” Journal of Economic Behavior and Organization, 68 (1), 167–77. 30 Cynamon, Fazzari, and Setterfield Phelps, E. S. (2010) “The slump, the recovery, and the ‘new normal,’” Capitalism and Society, 5 (2), Article 2. Setterfield, M. (2008–09) “Balancing the macroeconomic books on the backs of workers: A simple analytical political economy model of contemporary US capitalism,” International Journal of Political Economy, 37 (4), 104.