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Theory of Accumulation and Secular Stagnation
Daniel Aronoff
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Description for Theory of Accumulation and Secular Stagnation
Hardback. Aronoff explores and extends Thomas Malthus' idea that if an economically significant group saves a large portion of income it plans never to spend, it will cause a deficiency in demand that prevents a market economy from operating at full employment on a sustainable basis. Num Pages: 144 pages, biography. BIC Classification: KCA; KFF. Category: (P) Professional & Vocational. Dimension: 216 x 140 x 13. Weight in Grams: 337.
Thomas Malthus identified a crucial tension at the heart of a market economy: While an accumulation of wealth is necessary to provide the capital investment needed to generate growth, too much accumulation will cause planned saving to exceed profitable investment, which will result in secular stagnation, a condition of low growth and underemployment of resources. Keynes drew inspiration from Malthus in his attempt to comprehend the causes of the Great Depression of the 1930s. Now, Aronoff demonstrates how a related but slightly different aspect of Malthus' thought can illuminate one of the most pressing issues of our times.
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Thomas Malthus identified a crucial tension at the heart of a market economy: While an accumulation of wealth is necessary to provide the capital investment needed to generate growth, too much accumulation will cause planned saving to exceed profitable investment, which will result in secular stagnation, a condition of low growth and underemployment of resources. Keynes drew inspiration from Malthus in his attempt to comprehend the causes of the Great Depression of the 1930s. Now, Aronoff demonstrates how a related but slightly different aspect of Malthus' thought can illuminate one of the most pressing issues of our times.
... Read more
Product Details
Format
Hardback
Publication date
2016
Publisher
Palgrave Macmillan United Kingdom
Number of pages
144
Condition
New
Number of Pages
136
Place of Publication
Basingstoke, United Kingdom
ISBN
9781137562203
SKU
V9781137562203
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Daniel Aronoff
Daniel Aronoff is President of Landon Companies, USA. He has served as Vice Chairman of the Board of Trustees of Grand Valley State University, USA. Throughout several decades of participation in the professional world, Aronoff has been a frequent contributor to many media outlets including the Financial Times.
Reviews for Theory of Accumulation and Secular Stagnation
“In A Theory of Accumulation and Secular Stagnation … Daniel Aronoff intelligently looks back to the works of early 19th-century ‘classical growth’ economist Thomas Malthus. … Aronoff does a laudable job of showing how Malthus’s theories might apply to the current economic environment. … as investors continue to evaluate potential implications for zero and negative interest rates, weak capital spending, ... Read more