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A Theory of Accumulation and Secular Stagnation (Hardcover, 1st ed. 2016)
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A Theory of Accumulation and Secular Stagnation (Hardcover, 1st ed. 2016)
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Thomas Malthus identified a crucial tension at the heart of a
market economy: While an accumulation of wealth is necessary to
provide the capital investment needed to generate growth, too much
accumulation will cause planned saving to exceed profitable
investment, which will result in secular stagnation, a condition of
low growth and underemployment of resources. Keynes drew
inspiration from Malthus in his attempt to comprehend the causes of
the Great Depression of the 1930s. Now, Aronoff demonstrates how a
related but slightly different aspect of Malthus' thought can
illuminate one of the most pressing issues of our times. In A
Theory of Accumulation and Secular Stagnation, Aronoff explores
Malthus' ideas relating to secular stagnation and uses the insight
gained to understand the origins of the subpar growth and tepid
employment, periodically punctuated by booms, that has plagued the
US economy since the turn of the millennium. He explains how the
rise of mercantilism among Asian countries - principally China -
and increased income concentration generated an upsurge in excess
saving. This accumulation created a chronic deficiency in demand
while also depressing interest rates, which generated a search for
yield that fuelled periodic booms.
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