fbpx Accepting the Reality of Secular Stagnation | Harvard Kennedy School

HKS Affiliated Authors

Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government
Charles W. Eliot University Professor


March 2020, Opinion: "A fundamental difference between natural science theories and social science theories is that natural science theories, if valid, hold for all times and places. In contrast, the relevance of economic theories depends on context. Malthus’s theory of food availability was valid for the millennia before he formulated it, but not after the industrial revolution. Keynes’s ideas were much more valid during the Great Depression than during the inflationary 1970s."