Why Stagnation
Bibliographic Data
| ID | 9199187 |
|---|---|
| Authors | Paul M Sweezy (corresponding author) |
| Year | 2012 |
| Volume | 64 |
| Issue | 2 |
| Pages | 53 |
| Publication date | 2012-06-06 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Monthly Review (JOURNAL) |
| Journal identifiers | ISSN: 0027-0520 • E-ISSN: 0027-0520 |
| Publisher | Monthly Review Foundation (PUBLISHER) |
| DOI | 10.14452/mr-064-02-2012-06_6 |
| OpenAlex | W4247227943, W4255798016, W4252774471 |
| Language | EN |
| Citations received | 3 |
The question "Why Stagnation?" has a rather special significance for me. I started my graduate work in economics exactly 50 years ago this year. The cyclical downturn which began in 1929 was nearing the bottom. Unemployment in that year, according to government figures, was 23.6 percent of the labor force, and it reached its high point in 1933 at 24.9 percent. It remained in the double-digit range throughout the decade. Still, a recovery began in 1933, and it turned out to be the longest on record up to that time. Even at the top in 1937, however, the unemployment rate was still 14.3 percent, and it jumped up by the end of the year. That also happens to be the year I got my Ph.D. Can you imagine a set of circumstances better calculated to impress upon a young economist the idea that the fundamental economic problem was not cyclical ups and downs but secular stagnation?This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
Demographic economics · Economic growth · Economic history · Economic stagnation · Economics · Keynesian economics · Point (geometry) · Political science · Politics · Recession · Unemployment · Work (physics) · Economic theories and models · Economic Theory and Policy · Engineering · History · Law · Mathematics
| Citations per year | 0.07 |
|---|---|
| Citation span | 1983 - 2019 (37) |
| Highly cited | No |