By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
The severity of the good Recession and the following stagnation stuck many economists abruptly. yet a bunch of Keynesian students warned for a few years that powerful forces have been best the U.S. towards a deep, power downturn. This ebook collects essays approximately those occasions from famous macroeconomists who constructed a point of view that estimated the extensive define and plenty of particular facets of the situation. From this perspective, the restoration of employment and revival of sturdy development calls for greater than non permanent 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 tackle the assets and dynamics of call for, the distribution and development of wages, the constitution of finance, and demanding situations from globalization, and tell innovations for financial and financial rules to accomplish a extra effective and equitable society.
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Extra resources for After the Great Recession: The Struggle for Economic Recovery and Growth
To understand what we should do, we must first understand why the crisis occurred. The chapters that follow explore the sources of the Great Recession from a Keynesian perspective that predicted the broad outlines of what would happen years ahead of the actual emergence of recession. This perspective stands in contrast to most mainstream economic analyses, including Keynesian variants of the new consensus. Mainstream macroeconomics had been mostly lulled into the benign thinking that accompanied the Great Moderation.
The financial practices that sowed the seeds of the Great Recession evolved over nearly a quarter century of relatively good economic performance. Households enjoyed higher consumption and better housing and the financial industry reaped fantastic profits. Academic work reinforced a sense that the new practices were desirable by praising the efficiency of financial markets and arguing that complex securities and other evolving financial arrangements effectively diversified risk and therefore justified more borrowing and lending relative to income or assets.
Unemployment fell to half-century lows. The end of this period of demand generation marked the beginning of the Great Recession. The point of this brief historical summary is to make clear that rising demand is far from automatic. The fundamental Keynesian problem of demand-deficiency has been solved at different times by different and historically specific forces. When demand growth faltered, as in the 1970s or, more dramatically, the 1930s, the economy sputtered, and not just for a year or two.
After the Great Recession: The Struggle for Economic Recovery and Growth by Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner