Summers after Hansen? Comparison of conventional and nonconventional explanations for stagnation in advanced economies

Vol. 38 No. 3 (2018)

Jul-Sep / 2018
Published February 26, 2020
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Araujo, Assilio Luiz Zanella de. 2018. “Summers After Hansen? Comparison of Conventional and Nonconventional Explanations for Stagnation in Advanced Economies”. Brazilian Journal of Political Economy 38 (3):469-88. https://doi.org/10.1590/0101-3157-2018-2919.

Summers after Hansen? Comparison of conventional and nonconventional explanations for stagnation in advanced economies

Assilio Luiz Zanella de Araujo
Doutorando em Economia do Desenvolvimento na Universidade Federal do Rio Grande do Sul/UFRGS, RS - Brasil.
Brazilian Journal of Political Economy, Vol. 38 No. 3 (2018), Jul-Sep / 2018, Pages 469-488

Abstract

This article aims at presenting and contrasting the conventional and nonconventional explanations for economic stagnation in advanced economies. While conventional explanations impute to a new rigidity of these economies the chronic insufficiency of demand, Structural Keynesianism sees this as the result of the neoliberal economic policies and the destruction of the post-World War II institutions. Marxist explanation, even though do not neglect the negative impact of these policies, perceives this problem as resulting from the formation of the great international oligopolies. Due to similarities and possible complementarity, we think that an approximation between Structural Keynesianism and Marxism would be beneficial to both. 

JEL Classification: B50; E60; O11.


Keywords: Stagnation conventional explanations Marxism Structural Keynesianism