What Larry Summers calls "secular stagnation"--which blames the limp economy on slower population growth and technical change--is actually "credit stagnation" due to too high a level of private debt. I explain the logic behind credit being an essential component of aggregate demand and income; the empirical consequences--including stagnation in the "Walking Dead of Debt" countries and coming crises in the "Future Zombies" countries; and a complex systems approach to economic modeling which transcends "the Lucas Critique".
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