Handbook of Economic Stagnation

Handbook of Economic Stagnation

1st Edition - January 17, 2022
This is the Latest Edition
  • Editors: Randall Wray, Flavia Dantas
  • Paperback ISBN: 9780128158982

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Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles.

Key Features

  • Synthesizes and organizes diverse perspectives about crisis economics and future economic growth
  • Emphasizes the relationships among stagnation, international economics, and the global distribution of labor
  • Includes Japan and the Euro zone as well as other countries and regions worldwide


Upper-division undergraduates through professionals working in macroeconomics and economic growth and development as well as related fields, such as microeconomics and economic theory

Table of Contents

  • Part I: The Problem
    1. Secular Stagnation: As Good as It Gets?
    2. The US economy since the crisis: Slow recovery and secular stagnation
    3. Understanding Secular Stagnation
    4. Secular Demand Stagnation in the 21st Century U.S. Economy”.
    5. Demand-led growth and accommodating supply
    6. Demand Drives Growth all the Way
    7. The ‘Natural’ Interest Rate and Secular Stagnation: Loanable Funds Macro Models Don't Fit Today’s Institutions or Data
    8. The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class
    9. The Deep Causes of Secular Stagnation and the Rise of Populism”. 
    10. A Comment on Servaas Storm’s “The New Normal
    11. The Secular Stagnation Hypothesis in the Theories of Growth: A Maze of Theoretical Inconsistencies
    12. From Long-Term Growth to Secular Stagnation. A Theoretical Comparison Between Regulation Theory, Marxist Approaches and Present Mainstream Interpretations
    13. Secular Stagnation: The History of a Macroeconomic Heresy”

    Part II: Causes and Consequences
    Role of Economic Policy
    14. Secular Stagnation or Stagnation Policy? Steindl after Summers
    15. There is no secular stagnation - just irresponsible fiscal policy
    16. The labor injunction and peonage - how changes in labor laws increased inequality during the Gilded Age
    17. What the Federal Reserve Got Totally Wrong About Inflation?
    18. Income Shares, Secular Stagnation, and the Long-Run Distribution of Wealth”.
    19. Varieties of Capitalism and Growth Regimes: The Role of Income Distribution”
    20. Trends in US income inequality
    21. Where Do Profits and Jobs Come From? Employment and Distribution in the US Economy
    22. Secular stagnation and concentration of corporate power
    Debt and Finance
    23. Private Debt and Public Debility
    24. Secular stagnation in the framework of rentier-financier capitalism and globalization”
    25. The drivers of household indebtedness re-considered: An empirical evaluation of competing arguments on the macroeconomic determinants of household indebtedness in OECD countries
    26. The Economics of Instability: An Abstract of an Excerpt
    Supply Side Myth, Automation, and Future of Jobs
    27. Age of Oversupply
    28. Automation and the Future of Work

    Part III: Macroeconomic Policy in Secular Stagnation
    29. Can Trump Overcome Secular Stagnation?
    30. Secular Stagnation and Progressive Economic Policy Alternatives
    31. The Euro Area's Secular Stagnation and What Can Be Done About It. A Post-Keynesian Perspective
    32. Core-Periphery Divergence and Secular Stagnation in the Eurozone: Macroeconomic Evidence and Policy Proposals Beyond Unconventional Monetary Policy
    33. We Can Have a High-Wage America
    34. Explaining, Restoring Low Productivity Growth in the UK
    35. Public Sector Jobs as solution to Secular Stagnation
    36. Green New Deal and Sustainable Economic Growth
    37. Restructuring student debt

Product details

  • No. of pages: 550
  • Language: English
  • Copyright: © Academic Press 2022
  • Published: January 17, 2022
  • Imprint: Academic Press
  • Paperback ISBN: 9780128158982

About the Editors

Randall Wray

L. Randall Wray is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. Wray taught at the University of Missouri–Kansas City from 1999 to 2016 and at the University of Denver from 1987 to 1999, and has been a visiting professor at the Universities of Paris and Rome (La Sapienza), as well as holding a variety of visiting positions in China, the Czech Republic, Brazil, Mexico, and Italy. From 1994 to 1995 he was a Fulbright Scholar at the University of Bologna, and he has recently completed a Fulbright Specialist Grant at the Tallinn University of Technology in Estonia. He has had a number of funded research grants from the Ford Foundation, from the Asian Development Bank, and from the Institute for New Economic Thinking. He holds a BA from the University of the Pacific and an MA and a Ph.D. from Washington University, where he was a student of Minsky. His recent publications include: A Great Leap Forward: Heterodox Economic Policy for the 21st Century; Macroeconomics; “MMT and Two Paths to Big Deficits”, Challenge; “Cranks and heretics: the importance of an analytical framework” Cambridge Journal of Economics; Why Minsky Matters: An Introduction to the Work of a Maverick Economist; and Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. His books have been published in many languages, including Chinese, Spanish, Portuguese, Ukrainian, and Japanese.

Affiliations and Expertise

Levy Economics Institute of Bard College, USA

Flavia Dantas

Flavia Dantas is an Associate Professor at SUNY Cortland, where she teaches courses in alternative economic theory, political economy and social thought, macroeconomics, money, and mathematical economics. She received her Ph.D. from the University of Missouri-Kansas City in 2013. Her current work focuses on economic stagnation, employment policy, and financial globalization. Recently she has been working with Randall Wray to examine labor market trends in the USA; extensions of this work will critically assess what many have called a new era of “secular stagnation”.

Affiliations and Expertise

Economics Department, State University of New York, Cortland, USA