Secular stagnation and progressive economic policy alternatives
Onaran, Özlem (2016) Secular stagnation and progressive economic policy alternatives. European Journal of Economics and Economic Policies, 13 (2). pp. 229-240. ISSN 2052-7764 (Print), 2052-7772 (Online) (doi:10.4337/ejeep.2016.02.07)
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This paper summarizes two main findings in the post-Keynesian literature regarding the linkages between financialization, income distribution, accumulation and productivity. First, at the core of secular stagnation lies the missing link between profits and investment. Second, 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.
|Additional Information:||© Özlem Onaran, 2016. The definite, peer reviewed and edited version of this article is published in European Journal of Economics and Economic Policies, vol. 13, issue 2, 229-240. http://dx.doi.org/10.4337/ejeep.2016.02.07|
|Uncontrolled Keywords:||Wage share; Wage-led growth; Globalization; Public investment|
|Subjects:||H Social Sciences > HB Economic Theory|
|Faculty / Department / Research Groups:||Faculty of Business
Faculty of Business > Department of International Business & Economics
|Last Modified:||14 Dec 2016 13:40|
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