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On November 16, the Harvard economist and former Treasury Secretary Lawrence Summers gave a provocative talk at an International Monetary Fund conference. In it, he suggested the possibility that the United States has entered into a long-term period of slow growth not dissimilar to that which Japan has suffered from for the last 20 years.
The specific term Summers used was “secular stagnation,” which is one familiar to an earlier generation of economists.
On November 16, the Harvard economist and former Treasury Secretary Lawrence Summers gave a provocative talk at an International Monetary Fund conference. In it, he suggested the possibility that the United States has entered into a long-term period of slow growth not dissimilar to that which Japan has suffered from for the last 20 years.
The specific term Summers used was “secular stagnation,” which is one familiar to an earlier generation of economists.
- See more at: http://www.thefiscaltimes.com/Columns/2013/11/22/Are-We-Suffering-Secular-Stagnation#sthash.howVpjO5.dpuf