Chapter One: Stagnation policy
Abstract
From a post-Keynesian perspective, the explanation of stagnation tendencies requires a careful analysis of the determinants of both saving and investment and their short- and long-run macroeconomic effects. Josef Steindl (1952) has provided such an analysis focusing on the interwar US economy, and he has updated his view in Steindl (1976, 1979), where he analyses the shift from the post-war Golden Age period of modern capitalism with high growth and low unemployment to the neo-liberal period with low growth and high unemployment since the mid-1970s. ...
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