This is a post by leading Keynesian economist Paul Krugman in which he posits, following the lead of Larry Summers, that the economy entered a new phase in the late seventies, early eighties, of "secular stagnation," whereby the only high growth years are during bubbles.
Read alongside the FaceBook posts and tweets of Robert Reich's "Inequality for All" campaign, which I've also been following, the net effect is an emerging new macroeconomics for the left wing in the US.
Of course, the answer I would give is my "Green Keynesianism" approach. But that's neither here not there at this point, when very few people even know what I mean.
We'll discuss Reich, Summers, and Krugman as we delve into modern macro in class on Wednesday.
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