"The Slump, the Recovery and the "New Normal
Bibliographic Data
| ID | 8246741 |
|---|---|
| Authors | Edmund S Phelps (Columbia University, corresponding author) |
| Year | 2010 |
| Volume | 5 |
| Issue | 2 |
| Publication date | 2010-01-26 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Capitalism and Society (JOURNAL) |
| Journal identifiers | ISSN: 1932-0213 • E-ISSN: 2194-6140 |
| Publisher | Walter de Gruyter GmbH (PUBLISHER • DE) |
| DOI | 10.2202/1932-0213.1074 |
| OpenAlex | W1995017782 |
| Language | EN |
| Citations received | 1 |
| References cited | 3 |
The powerful downswing in economic activity in the past two years is not the only disturbing downswing experienced in the western world since the Great Depression of the 1930s. The Big Slump that took hold in the U.S. and western Europe from the early 1970s into the 1980s was also powerful. It was disturbing in part because – as in the Great Depression of the 1930s – there was little insight at first into the causes. Jean-Paul Fitoussi and I came to see that its causes were structural shifts, not the usual “Keynesian” forces. A cause common to all economies was the slowdown of “technical progress.” The upward pull on world real interest rates resulting from the U.S. fiscal stimuli added to the slump in Europe. As progress returned and the stimuli abated, the Continent saw a modest recovery. 1
Depression (economics · Economic policy · Economic recovery · Economics · Economy · Great Depression · Keynesian economics · Political science · Slump · Economic Theory and Policy · Global Financial Crisis and Policies · History · Law · Monetary Policy and Economic Impact
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,06 |
| Citation span | 2010 - 2010 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |