On 6/12/14 9:24 AM, Louis Proyect via Marxism wrote: > WASHINGTON — Recessions are always painful, but the Great Recession that > ran from late 2007 to the middle of 2009 may have inflicted a new kind > of pain: an era of slower growth. > > It has been five years since the official end of that severe economic > downturn. The nation’s total annual output has moved substantially above > the prerecession peak, but economic growth has averaged only about 2 > percent a year, well below its historical average. Household incomes > continue to stagnate, and millions of Americans still can’t find jobs. > And a growing number of experts see evidence that the economy will never > rebound completely. > > full: > http://www.nytimes.com/2014/06/12/business/economy/us-economic-recovery-looks-distant-as-growth-lingers.html >
Just noticed a glaring analytical error in the final paragraphs of this article: During the 1930s, many economists predicted that growth would not resume its earlier pace. Alvin Hansen, a Harvard University professor, coined the term “secular stagnation” to describe his view that changed circumstances, including a lower birthrate, would prevent a full recovery. Mr. Hansen was spectacularly wrong. After World War II, the number of babies boomed — and so did the economy. --- In fact it was WWII that was responsible for the boom. The postwar recovery would have not been possible without the military Keynesianism. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
