By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the good Recession and the following stagnation stuck many economists suddenly. yet a bunch of Keynesian students warned for a few years that powerful forces have been best the U.S. towards a deep, continual downturn. This e-book collects essays approximately those occasions from renowned macroeconomists who constructed a standpoint that anticipated the extensive define and lots of particular points of the trouble. From this viewpoint, the restoration of employment and revival of sturdy progress 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 thoughts for financial and financial regulations to accomplish a extra effective and equitable society.
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Additional resources for After the Great Recession: The Struggle for Economic Recovery and Growth
These policies are more direct than using incentives on the credit-supply side to promote investment and employment. Direct policies are likely to be more effective in the current environment, since the lack of aggregate demand and the high risks associated with borrowing would likely limit the effectiveness of more traditional incentives to expand credit. In Chapter 10, Dean Baker changes the focus from monetary and financial policy to fiscal policy. He critically investigates the rationale for deficit reduction as a growth strategy, and discusses the reasons why deficit reduction may not be a successful mechanism for increasing investment and net exports (the “investment” components of GDP).
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.
This trend has not only increased income inequality, but has also led to a structural flaw in the process that creates the demand necessary for high employment and rising living standards in the United States. S. workers, but for the country’s economy as a whole. The chapter ends with a discussion of the sort of policy measures that would be required to avert this grim prognosis. S. S. trading partnersÂ€– which were the focus of much discussion prior to the Great Recession. S. dollar, these imbalances are best seen as the outgrowth of different national solutions to a common problem: the sluggish growth of working- and middle-class household incomes, and the corresponding drag on aggregate demand.
After the Great Recession: The Struggle for Economic Recovery and Growth by Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner