The notion that stagnation is far more important than is commonly understood has been bolstered by Thomas Pikettys landmark book Capital in the Twenty-First Century, which also emphasizes just how unusual the era of the Depression and two world wars was. Pikettys analysis suggests that the high growth rates of the post-World War II period were, by and large, an aberration. Many people think that growth ought to be at least 3 or 4 percent a year, he wrote. Both history and logic show this to be illusory.
Posted on: Fri, 05 Sep 2014 13:11:10 +0000
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