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Secular stagnation and progressive economic policy alternatives

Secular stagnation and progressive economic policy alternatives

Onaran, Özlem ORCID: 0000-0002-6345-9922 (2016) Secular stagnation and progressive economic policy alternatives. [Working Paper]

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Abstract

This paper summarizes two main findings in the Post-Keynesian literature regarding the linkages between financialization, income distribution, accumulation and productivity. Firstly, at the core of secular stagnation lies the missing link between profits and investment. Secondly, rising inequality and financialization have been the main reasons for this missing link and hence the major brakes against capital accumulation and growth. The paper concludes with alternative progressive policies based on a coordinated policy mix of equality-led development and public investment.

Item Type: Working Paper
Additional Information: JEL codes: E12, E22, E25
Uncontrolled Keywords: wage share, inequality, wage-led growth, financialization, secular stagnation, public investment,
Subjects: H Social Sciences > H Social Sciences (General)
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Greenwich Political Economy Research Centre (GPERC)
Last Modified: 08 Feb 2017 17:03
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/15528

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