L'influenza americana: diagnosi, terapia, prognosi di una pandemia economica

Massimo Florio

Departmental Working Papers from Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano

Abstract: Eighty years after the Great Slump of 1929, the world re-discovers to be exposed to a pandemic economic crisis. There is the urgent need to read again old medicine books, that were prematurely forgotten. I comment some recent papers by economists of various orientation, all published between end 2008 and 2009. The rediscovery of old recipes for economic policy will be painstaking. The central tenet of this paper is that the current financial crisis is rooted in the fall of labor income share in the US, and in the abnormal creation of private debt to sustain capital income.

Keywords: Financial global crisis; income shares; private debt (search for similar items in EconPapers)
JEL-codes: E25 E32 (search for similar items in EconPapers)
Date: 2009-07-13
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Persistent link: https://EconPapers.repec.org/RePEc:mil:wpdepa:2009-15

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