Economía marxista para el Siglo XXI

Bipolar capitalism


Michael Roberts Blog

In a recent article (http://www.bloombergview.com/articles/2015-02-11/what-we-know-about-recessions-might-be-wrong), Noah Smith pointed out that “Modern macroeconomists think that recessions and booms are random fluctuations around a trend. These fluctuations tend to die out — a deep recession leads to a fast recovery, and a big expansion tends to evaporate quickly. Eventually, the trend re-establishes itself after maybe five years. No matter what happens — whether the central bank lowers interest rates, or the government spends billions on infrastructure — the bad times will be over soon enough, and the good old steady growth trend will reappear.”

“But what if it’s wrong?” says Smith, “What if recessions deal permanent injuries to an economy”. Smith pointed out that right-wing economists have criticised the idea that after every recession comes a boom. Greg Mankiw (see my post, https://thenextrecession.wordpress.com/2013/06/19/defending-the-indefensible/), back in 2009, reckoned that the Great Recession would herald a lost decade of output as…

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