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Estancamiento secular

Author

Listed:
  • Hansen, Alvin H.

    (Harvard University)

Abstract

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.

Suggested Citation

  • Hansen, Alvin H., 2020. "Estancamiento secular," El Trimestre Económico, Fondo de Cultura Económica, vol. 87(348), pages 1187-1205, octubre-d.
    • Handle: RePEc:elt:journl:v:87:y:2020:i:348:p:1187-1205
    DOI: https://doi.org/10.20430/ete.v87i348.1179
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    More about this item

    Keywords

    unemployment; full employment; public spending; technical progress; industrialization; population growth.;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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