Secular Stagnation: Keynesianism and the Demographic Theory of Crisis
Post-GFC, the idea that we have entered a period of secular stagnation has been embraced even by the most mainstream economists. The thesis marks a return to once popular demographic theories of crisis which saw plummeting birth rates as the real driving force behind the Great Depression. In this paper, I consider the fact that even Keynes entertained two contradictory theories of deflation—one demographic and the other distributional—and that both were at work in the construction of the...[Show more]
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