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Secular stagnation advocates should agree on outcome if their preferred policies had been implemented
Via Graham Watson
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Rescooped by Bruce Fellowes from International Economics: IB Economics |
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Via Graham Watson
Joseph Stiglitz argues that history has a lot to teach us, and that economists need to return to it, if they wish to head off the worst consequences of the next US downturn.
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His view is that the so-called 'secular stagnation' associated with recent downturns makes a strong case for greater fiscal stimulus in the event of a downturn. It's not a view that will have much support from 'austerian economists' - see what I've done there - but, intellectually, it's an interesting argument, and asks some searching questions about what precipitated the last financial crisis and whether the solutions were appropriate.