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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. European Journal of Economics and Economic Policies, 13 (2). pp. 229-240. ISSN 2052-7764 (Print), 2052-7772 (Online) (doi:https://doi.org/10.4337/ejeep.2016.02.07)

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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. 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.

Item Type: Article
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 Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Last Modified: 01 Mar 2018 01:38
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/15816

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