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Secular Stagnation

In: Alvin Hansen

Author

Listed:
  • Robert J. Bigg

Abstract

Secular stagnation is an unfortunate term, which would have been much better expressed in terms of a growing gap between actual, potential, or desired growth in a mature economy. Hansen was seeking long-term explanations and possible remedies to the problems of maintaining full employment in an advanced industrial economy in a period after an exceptional expansion. The nineteenth century had seen America transformed by territorial expansion, waves of immigration, and remarkable technological progress in industrialisation, urbanisation, and transportation (including the electricity, rail, and automotive sectors). What were to be the new drivers for the economy as these older sources diminished? America’s great productive power could be seen as both a blessing and a curse.

Suggested Citation

  • Robert J. Bigg, 2023. "Secular Stagnation," Great Thinkers in Economics, in: Alvin Hansen, pages 173-201, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-031-42216-4_8
    DOI: 10.1007/978-3-031-42216-4_8
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