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Stagnation and Institutional Structures

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  • David M. Kotz
  • Deepankar Basu

Abstract

The stagnation in the US economy since 2008 has given rise to a mainstream stagnation literature. This paper offers a critique of that literature and proposes an explanation for the current stagnation based on social structure of accumulation (SSA) theory. It presents historical and econometric evidence for an SSA-based explanation of the current stagnation and considers the implications for the likely near-future course of economic policy and institutional change. JEL Classification: E11, E39, O43

Suggested Citation

  • David M. Kotz & Deepankar Basu, 2019. "Stagnation and Institutional Structures," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(1), pages 5-30, March.
    • Handle: RePEc:sae:reorpe:v:51:y:2019:i:1:p:5-30
    DOI: 10.1177/0486613416673472
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    References listed on IDEAS

    as
    1. Robert J. Gordon, 2016. "Perspectives on The Rise and Fall of American Growth," American Economic Review, American Economic Association, vol. 106(5), pages 72-76, May.
    2. Deepankar Basu & Ramaa Vasudevan, 2013. "Technology, distribution and the rate of profit in the US economy: understanding the current crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(1), pages 57-89.
    3. Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
    4. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
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    Cited by:

    1. David Kiefer & Ivan Mendieta-Muñoz & Codrina Rada & Rudiger von Arnim, 2020. "Secular Stagnation and Income Distribution Dynamics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(2), pages 189-207, June.

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    More about this item

    Keywords

    accumulation; stagnation; social structure of accumulation;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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