FROM LONG-TERM GROWTH TO SECULAR STAGNATION. A THEORETICAL COMPARISON BETWEEN RÉGULATION THEORY, MARXIST APPROACHES AND PRESENT MAINSTREAM INTERPRETATIONS

Giovanni Scarano ()

No 241, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: Since 2013 various eminent mainstream economists have proposed reviving the doctrine of “secular stagnation”. According to these authors, the only explanation for this new trend could be a negative Wicksellian natural rate of interest, produced by an excess of saving over investment at any positive interest rate. But the idea that the real world economy has entered into a new stagnation trend is really the other side of the coin in explaining the extraordinary long-term growth that characterised the aftermath of World War II. This peculiar growth period has been the main research objective of Régulation Theory, which found accumulation regimes and corresponding modes of regulation as its major determinants. In the paper the theoretical explanations of the new secular stagnation theory are compared with those of Régulation theory and with the original Marxist approaches that initially inspired the French régulation theorists.

Keywords: Equilibrium Interest Rate; Business Cycles; Crisis; Rate of Profit; Profitability (search for similar items in EconPapers)
JEL-codes: B51 E11 E12 E32 E43 (search for similar items in EconPapers)
Pages: 18
Date: 2018-09
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mac and nep-pke
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