March 13, 2017

Note on David Glasner on Cyclical versus Secular Causes of Stagnation


You say: “Nick Rowe and Scott Sumner have recently had an interesting little debate about whether the slowdown in real GDP growth and labor productivity since the 2007-09 downturn is the result of cyclical or secular factors.”

The participants of the interesting little debate failed to mention that the ultimate cause of mass unemployment, deflation, and stagnation is the scientific incompetence of economists. The labor market theory is false since Smith, Ricardo, Malthus et al. had their interesting little debates. For details see: ‘Mass unemployment: The joint failure of orthodox and heterodox economics

Egmont Kakarot-Handtke

Related 'How economists murdered the economy and got away with it' and cross-references Employment