By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the nice Recession and the next stagnation stuck many economists unexpectedly. yet a bunch of Keynesian students warned for a few years that powerful forces have been top the U.S. towards a deep, continual downturn. This booklet collects essays approximately those occasions from popular macroeconomists who constructed a viewpoint that expected the large define and lots of particular facets of the problem. From this perspective, the restoration of employment and revival of sturdy development calls for greater than temporary financial easing and transitority monetary 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 handle the assets and dynamics of call for, the distribution and progress of wages, the constitution of finance, and demanding situations from globalization, and tell concepts for financial and monetary guidelines to accomplish a extra effective and equitable society.
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Additional info for After the Great Recession: The Struggle for Economic Recovery and Growth
S. business cycle (Palley, 2005). Before 1980, economic policy was designed to achieve full employment, and the economy was characterized by a system in which wages grew with productivity. This configuration created a virtuous circle of growth. Rising wages meant robust aggregate demand, which contributed to full employment. Full employment in turn provided an incentive to invest, which raised productivity, thereby supporting higher wages. Setterfield (Chapter 7 in this volume) explores this process in detail.
Journal of Post Keynesian Economics, Winter, 17 (2), 231–248. Fazzari, S. , P. Ferri, and E. Greenberg. (1998) “Aggregate demand and micro behavior: a new perspective on Keynesian macroeconomics,” Journal of Post Keynesian Economics, 20 (4), 527–558. Fazzari, S. , P. Ferri, and E. Greenberg. (2010) “Investment and the Taylor rule in a dynamic Keynesian model,” Journal of Economic Dynamics and Control, 34 (10), 2010–2022. Feldstein, M. S. S. growth in the decade ahead,” National Bureau of Economic Research (NBER) Working Paper 15685.
Answers to these questions are essential to debates over the appropriate future regulation of financial markets and, in particular, executive compensation. Having examined various aspects of the contribution of the financial sector to the Great Recession, Chapters 6 and 7 turn attention to the household sector, and to debt-financed household spending as source of both growth and accumulating financial fragility. S. economy. S. demand growth for an extended period of time. This “consumer age” largely coincided with the Great Moderation period from the mid-1980s through 2007, and the authors propose that strong consumption demand contributed to the relatively stable macroeconomic performance of the United States over these years.