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Accepting the Reality of Secular Stagnation
New approaches are needed to deal with sluggish growth, low interest rates, and an absence of inflation
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In this brief survey of old ideas and new realities, noted economist Larry Summers argues persuasively that challenges such as anemic growth need a fresh macroeconomic framework. He resurrects the theory of secular stagnation – a 1930s concept that explains long periods of slow expansion – as the center of a “new old Keynesian economics” suited to fixing modern problems. Though this article predates the coronavirus and the massive US fiscal response, the COVID-19 pandemic makes Summers’s recommendations all the more relevant.
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About the Author
Lawrence H. Summers is a professor at Harvard University. He is a former Treasury secretary and director of the White House National Economic Council.
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