Otaviano Canuto
Senior Advisor on BRICS, Development Economics Department, World Bank
Secular Stagnation: A Working Pair of Scissors Needs Two Blades
The role of asset bubbles as an unsustainable pillar of
pre-2007 world economic growth has been widely recognized.
Simultaneously, analysts worry that a secular stagnation, though
momentarily offset by asset bubbles, may have been already at play in
major advanced economies, leading to the ongoing
sluggish and feeble recovery.
Still, there is a core divergence among some "Keynesian" and
"Schumpeterian" economists who have proposed such stagnation hypotheses;
each camp points to different underlying factors for continued anemic
levels of growth. "Keynesians" argue from the demand side, and believe
that proactive fiscal policies are needed for a strong recovery, while
"Schumpeterians" believe that the necessary force of creative
destruction has continually been stymied by such policies.
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