On Fri, Nov 7, 2008 at 12:36 PM, Jim Devine <[EMAIL PROTECTED]> wrote: > By the way, he talking about secular stagnation, no? The US may be > going into a depression at this point (though who knows?) but it's not > the same as secular stagnation, in which the basic long-term trend is > toward higher and higher unemployment. If we're not in that situation, > how is Keynes' advice relevant?
Here's how I parse it. Secular stagnation is the deep structure. The current recession (or worse) is the result of failing to respond appropriately to the deep structure problem. So there is hardly a contradiction between secular stagnation and a business cycle recession. The short-term ups and downs are still part of the long term waves. -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
