Chapter Seven: Demand, distribution, productivity, structural change, and (secular?) stagnation
Michalis Nikiforos
Department of History, Economics and Society, University of Geneva, Geneva, Switzerland
Abstract
The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has been observed in the United States over the last 4 decades. In particular, it is explained that weak net export demand, fiscal conservatism, and the increase in income inequality have put downward pressure on demand. Up until the crisis, this pressure was partially compensated for through debt-financed expenditure on behalf ...
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