Demand Constraints and Big Government

L. Randall Wray

Journal of Economic Issues, 2008, vol. 42, issue 1, 153-173

Abstract: In a series of articles and books, John Walker and Harold Vatter extended the arguments made earlier by Evsey Domar that the U.S. economy suffers from chronically insufficient demand that leads to growth below capacity. Their analysis of secular growth complements the well-known writings of Hyman Minsky, who also emphasized the role of the “big government” and the “big bank” in stabilizing an unstable economy over the cycle. Like Minsky, Vatter and Walker argued that U.S. capitalism has evolved through several distinct forms, although they characterize the last one hundred years as a period of secular stagnation. This article will summarize, provide support for, and extend the Vatter and Walker approach, concluding with an examination of some of the dangers facing the U.S. economy today.

Date: 2008
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/00213624.2008.11507119 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Demand Constraints and Big Government (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:42:y:2008:i:1:p:153-173

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJEI20

DOI: 10.1080/00213624.2008.11507119

Access Statistics for this article

More articles in Journal of Economic Issues from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().