By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the good Recession and the following stagnation stuck many economists without notice. yet a bunch of Keynesian students warned for a few years that powerful forces have been prime the U.S. towards a deep, continual downturn. This publication collects essays approximately those occasions from renowned macroeconomists who constructed a point of view that estimated the vast define and plenty of particular elements of the concern. From this viewpoint, the restoration of employment and revival of robust development calls for greater than temporary financial easing and transitority financial 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 progress of wages, the constitution of finance, and demanding situations from globalization, and tell strategies for financial and monetary regulations to accomplish a extra effective and equitable society.
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Extra resources for After the Great Recession: The Struggle for Economic Recovery and Growth
S. demand growth for an extended period of time. This “consumer age” largely coincided with the Great Moderation period from the mid-1980s through 2007, and the authors propose that strong consumption demand contributed to the relatively stable macroeconomic performance of the United States over these years. Cynamon and Fazzari also explore the underlying source of consumption and debt decisions, arguing that they are made in a social context. Psychological characteristics of individual choice and the influence of social reference groups contributed to what ultimately was revealed to be an unsustainable path for household finance.
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. Even as mainstream forecasters are anxious to declare a more robust recovery from the Great Recession to be just around the corner, the source of the aggregate demand necessary to initiate significant growth remains a mystery.
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