More on Secular Stagnation
Here is the link to a piece I wrote for the Globe on line this week re an interesting new eBook on secular stagnation. Â I am struck by the fact that several eminently mainstream economists, mainly in the US but also Blanchard at the IMF,Â see a need for public investment to drive growth, given the fact that loose monetary policy alone is not up to the job and is fueling financial bubbles. This is a view which we do not often hear in Canada from mainstream academics and economists.. eg Chris Ragan’s recent piece to the effect that we just have to tolerate slow growth and a weak job market.
The book also has an interesting discussion re technological progress and potential growth.