Abstract

HANSEN, Alvin H.. Secular stagnation. El trimestre econ [online]. 2020, vol.87, n.348, pp.1189-1207.  Epub Mar 05, 2021. ISSN 2448-718X.  https://doi.org/10.20430/ete.v87i348.1179.

Economic growth is driven by three main factors: technological innovation, discovery of new resources, and population growth, at least this is what had been observed in practice during the 19th century, which was refuted by the economic effects of the world wars and the Great Depression. Alvin H. Hansen studies this context and argues that there is a secular stagnation caused by the closing of economic borders, the slowness of technical progress and the decrease in population. He argues that said decline reduces investments, resources are underutilized and there is high unemployment. He analyzes some solution proposals, while highlighting the importance of the role of economists to act in this situation.

Keywords : Unemployment; full employment; public spending; technical progress; industrialization; population growth.

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