Secular stagnation and progressive economic policy alternatives

Ozlem Onaran

No 15528, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: This paper summarizes two main findings in the Post-Keynesian literature regarding the linkages between financialization, income distribution, accumulation and productivity. Firstly, at the core of secular stagnation lies the missing link between profits and investment. Secondly, rising inequality and financialization have been the main reasons for this missing link and hence the major brakes against capital accumulation and growth. The paper concludes with alternative progressive policies based on a coordinated policy mix of equality-led development and public investment.

Keywords: wage share; inequality; wage-led growth; financialization; secular stagnation; public investment (search for similar items in EconPapers)
JEL-codes: E12 E22 E25 (search for similar items in EconPapers)
Date: 2016-05
New Economics Papers: this item is included in nep-hpe and nep-pke
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Citations: View citations in EconPapers (4)

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http://gala.gre.ac.uk/id/eprint/15528/1/onaran%20s ... ion%20fmm%20gppe.pdf

Related works:
Journal Article: Secular stagnation and progressive economic policy alternatives (2016)
Working Paper: Secular stagnation and progressive economic policy alternatives (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:15528

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