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Hansen, “The Stagnation Thesis,” Readings in Fiscal Policy, ed
stagnation thesis has not stood the test of time, however, having been discredited by sustained periods of strong economic growth. hansen was one of the leading american economists from the 1930s to the 1960s.
according to hansen, the closing of the geographic frontier, the decline in the rate of population growth, and the capital-saving character of recent. hansen's policy conclusions to prevent stagnation were keynesian in nature and, as a result, hansen was an early advocate of active fiscal policy in the united states.
Hansen’s secular stagnation thesis was forgotten for a long ..
in 1937 hansen was appointed as the first littauer professor of political economy at harvard university, and he retained that position until his retirement in 1962. hansen's policy conclusions to prevent stagnation were keynesian in nature and, as a result, hansen was an early advocate of active fiscal policy in the united states.
"born as an economist on January 2, 1932"
Born in Gary, Indiana, on May 15, 1915
Use of mathematics
Called economics “full of inherited contradictions, overlaps, and fallacies.”
Dissertation Foundations of Economic Analysis, published in 1947
Public goods theory
Product and factor mobility
Revealed preference theory
Efficient markets hypothesis
later advising the young president to push through tax cuts to help ward off a recession, and remained an important voice in Lyndon B.
Stagnation Theory: Alvin Hansen | HubPages
In an influential Larry Summers suggested that slow economic growth in the years following the 2007-2008 financial crisis might be due to "secular stagnation" (a concept introduced in 1938 by Alvin Hansen in his book Full Recovery or Stagnation?). The as follows:
The IMF researchers attribute the decline to an ageing global population and lower capital investment by businesses in both advanced and emerging market economies. The argument that these factors have cut potential growth rates echoes that put forward by the US economist Alvin Hansen, who predicted in the 1930s that the US was experiencing a “secular stagnation” as a consequence of dwindling technological innovation and a drop off in the rate of population growth.
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Marxian Model of Economic Growth - Criticism - …
Hansen’s secular stagnation thesis was forgotten for a long time because the US – and the rest of the advanced world – experienced a growth spurt in the wake of the Second World War. But it has been resurrected more recently by Larry Summers, the influential former US Treasury Secretary and respected macroeconomist. The thesis is now the subject of a vigorous debate among economic experts and policymakers.
KKR, Kohlberg Kravis Roberts ..
“I would like nothing better than to be wrong, as Alvin Hansen was, with respect to secular stagnation” Mr Summers said in a blog post last week. “But throughout the industrial world the vast majority of the revisions in growth forecasts have been downwards for many years now.”
The new food pessimism - Marginal REVOLUTION
All of that, it seems to me, operates to reduce real interest rates. In just what sequence, and just which factors are most important at particular points of time, I think is very much open to question and research. But I think for now, we have to maintain a significant presumption that equilibrium real rates are lower than they have been in the past. That probably living with those low real rates... Well, pushing real rates well above equilibrium real rates, as many in the central banking community continue to advocate, and not doing anything else, is, it seems to me, a prescription for protracted stagnation. Accepting the reality of those lower real rates raises the questions that I posed before around financial stability. And what we need to be thinking about is how to do things in our economies... And I think increasing public investment where there is high-productivity public investment to be done, is the easiest and best way to do this. That will operate to raise equilibrium real rates and raise output at the same time.
Marginal REVOLUTION — Small Steps Toward A Much …
The International Monetary Fund is coming around to the idea that the world is in the grip of an economic “secular stagnation”, meaning the living standards of future generations will be lower than previously expected and national debt burdens will be harder to reduce.
International Journal of Engineering Research ..
Of these five possible causes of secular stagnation identified by Summers, 1) is basically the old underconsumption argument going all the way back to Simonde de Sismondi's Nouveaux principes d'économie politique in 1819. 3) and 4) are factors included in Alvin Hansen's theory of secular stagnation.
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