| Summary: | The ongoing low interest rates have been the subject of heated debate for some time, both in expert circles and in the general public. Is the reason for this phase of low interest rates due to the ultra-loose monetary policy of the central banks, or are the central banks themselves driven by a long-standing development in the real economy that could be characterized as »secular stagnation«? The thesis of secular stagnation is closely linked to the American economist Alvin Hansen, who raised the issue in the late 1930s. However, classical economists such as D. Ricardo and J. St. Mill have already dealt with it. In this volume, comparisons between older and more recent explanations of economic stagnation and deflation are presented. In 2013, Larry Summers took up this idea in a speech to the IMF. Classical economists such as D Ricardo and J St Mill have also dealt with this topic in detail. This volume presents comparisons between older and more recent approaches explaining economic stagnation and deflation
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