Kapelyushnikov Rostislav
The idea of secular stagnation: Three Versions
ISSN 0042-8736
The idea of secular stagnation: Three Versions
Publication Type:
ISSN 0042-8736
The paper critically analyses the idea of “secular stagnation” actively discussed in the recent economic literature. It examines the most popular versions of this idea offered by T. Cowen, R. Gordon and L. Summers. Key arguments include, respectively, the exhaustion of the main sources of economic growth, the emergence of new impediments to growth, and the output gap that cannot be reduced by traditional macroeconomic policy measures. The author concludes that in the next decades a slowdown of economic growth in the U.S. is highly probable although it can hardly be characterized as “stagnation”.
Keywords: economic growth | productivity | stagnation | the United States |
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