Secular Stagnation Theories: A Historical and Contemporary Analysis with a Focus on the Distribution of Income (Springer Studies in the History of Economic Thought)

Acknowledgements
Contents
Abbreviations
Symbols
List of Figures
List of Tables
1 Introduction
	1.1 Setting the Framework
		1.1.1 From Economic Growth to Secular Stagnation?
		1.1.2 Income Distribution: Empirical Trends
	1.2 Outline
	References
Part I Secular Stagnation Theories:  Past and Present
2 Theoretical Foundations
	2.1 Defining Stagnation on Its Common Symptoms
	2.2 Demand- and Supply-Side Stagnation
	2.3 Stagnation Theorists: An Overview
	References
3 Demand-Side Stagnation Theories
	3.1 Pre-Keynesian Underconsumption Theories
		3.1.1 Simonde de Sismondi: Income Distribution and Mass Poverty
		3.1.2 Malthus: Over-Saving by the Rich
		3.1.3 Hobson: Over-Saving and Income Distribution
	3.2 Modern Demand-Side Stagnation Theories
		3.2.1 Keynes: The Father of Modern Demand-Side Stagnationism?
		3.2.2 Hansen: Lack of Investment Due to Changing Exogenous Factors
		3.2.3 Kalecki and Steindl: The Rise in Industrial Concentration
	3.3 A Contemporary Demand-Side Stagnation Theory
		3.3.1 The Economic Environment in the Early Twenty-First Century
		3.3.2 Summers: A Revival of Hansen\'s Stagnation Theory?
	References
4 Supply-Side Stagnation Theories
	4.1 Stagnation in Classical Economics
		4.1.1 Smith: Saturation in the Midst of Riches
		4.1.2 Malthus and Ricardo: Stagnation Due to Land Scarcity
		4.1.3 Mill: The Stationary State as a Pleasant Condition
		4.1.4 Marx: Predicting the Breakdown of Capitalism
	4.2 Modern Supply-Side Stagnation Theories
		4.2.1 Schumpeter: The Self-Destruction of Capitalism
		4.2.2 Solow and Swan: The Vanishing of Stagnation Fears
		4.2.3 Fourastié and Baumol: Structural Shift Toward Sectors with Low Productivity Growth
		4.2.4 Meadows et al.: Environmental Limits to Growth
	4.3 Contemporary Supply-Side Stagnation Theories
		4.3.1 Piketty: High Growth as a Historical Exception
		4.3.2 Gordon: Sluggish Technological Progress and Four Headwinds
	References
5 Stagnation Theories: Concluding Remarks
	References
Part II Income Distribution and Secular Stagnation
6 The Impact of an Unequal Distribution  of Income on Economic Growth: Theoretical Considerations
	6.1 Introduction
	6.2 Demand-Side Mechanisms
		6.2.1 The Size of Consumption Demand
		6.2.2 The Composition of Consumption Demand
	6.3 Supply-Side Mechanisms
		6.3.1 Investment Indivisibility and Credit Market Imperfections
		6.3.2 Human Capital Investment and Credit Market Imperfections
		6.3.3 Incentive System and Risk-Taking
	6.4 Political and Social Mechanisms
		6.4.1 Redistribution Policy
		6.4.2 Social Instability and Political Uncertainty
	References
7 Income Distribution in Stagnation Theories
	7.1 Introduction
	7.2 Distribution in Modern Stagnation Theories
		7.2.1 Keynes: Income Distribution as a Side Issue
		7.2.2 Hansen: Redistribution as a Remedy for Secular Stagnation
		7.2.3 Schumpeter on the Limits of Progressive Taxation
		7.2.4 Kalecki and Steindl: Distribution Moves  to the Forefront
	7.3 Distribution in Contemporary Stagnation Theories
		7.3.1 The Contrasting Views of Summers and Krugman
		7.3.2 Gordon\'s Headwind of Inequality
	7.4 Concluding Remarks
	References
8 A Steindlian Model of Income Distribution, Economic Growth,  and Stagnation
	8.1 Introduction
	8.2 Outline and Structure of the Model
		8.2.1 The Corporate Sector
		8.2.2 The Private Household Sector
		8.2.3 Measures of Functional and Personal Income Distribution
	8.3 Short- and Long-Run Effects of Economic Changes
		8.3.1 The Economy in the Short Run
		8.3.2 The Economy in the Long Run
	8.4 Graphical Analysis
		8.4.1 Functional Relationships
		8.4.2 Graphical Illustrations of a Decline in Economic Growth
	8.5 Discussion and Final Remarks
		8.5.1 Extending Steindl\'s Original Stagnation Theory
		8.5.2 Applying the Model to Other Stagnation Theories
		8.5.3 The Impact of Changes in Economic Growth
		8.5.4 Policy Implications
		8.5.5 Concluding Remarks
	References
9 Existing Empirical Evidence on the Nexus Between Income Distribution and Economic Growth
	9.1 Introduction
	9.2 Wage- Versus Profit-Led Economic Regimes
	9.3 Equality- Versus Inequality-Led Economic Growth
	9.4 The Distributional Impact of Economic Growth
	9.5 Concluding Remarks
	References
10 Summary, Economic Policy Outlook,  and Conclusion
	10.1 Résumé
	10.2 Policy Implications and the Issue of Public Debt
		10.2.1 Empirically Oriented Policy Recommendations
		10.2.2 Public Debt as an Impediment to Fiscal Intervention? Lessons from the Stagnation Debates and Beyond
	References
Appendix A Figure Sources and Notes in Detail
Appendix B Table Sources and Notes in Detail
Appendix C Wealth Distribution: Empirical Trends
Appendix D A Steindlian Model of Income Distribution, Economic Growth, and Stagnation: Mathematical and Graphical Appendix
D.1  Short- and Long-Run Effects of Economic Changes
D.1.1  The Economy in the Short Run
D.1.1.1  Partial Derivatives
D.1.1.2  Comparative Statics in the Short Run
D.1.2  The Economy in the Long Run
D.1.2.1  The Keynesian Stability Condition
D.1.2.2  Partial Derivatives
D.1.2.3  Comparative Statics in the Long Run: Effects on the Long-Run Equilibrium
D.2  Graphical Analysis
D.2.1  A Rise in the Dividend Payout Parameter (a2)
D.2.2  A Rise in the Saving Rate of the Rich Private Households (srh)
D.2.3  A Decline in the Parameter Reflecting the Impact  of the Degree of Capacity Utilization (α2)