Secular stagnation and post-scarcity

“Many people think monetary policy was too easy [before the crisis], everybody believes that there was a vast amount of imprudent lending going on and almost everybody believes that wealth as it was experienced by households was in excess of reality. Was there a great boom? Capacity utilisation wasn`t under any pressure, unemployment wasn`t at any remarkably low level and inflation was entirely quiescent. Somehow even a great boom was unable to produce any excess in aggregate demand…

Suppose then that the short term real interest rate that was consistent with full employment had fallen to negative two or negative three percent. Even with artificial stimulus to demand you wouldn`t see any excess demand. Even with a resumption in normal credit conditions you would have a lot of difficulty getting back to full employment.”

Larry Summers – November 8, 2013

Secular stagnation and post-scarcity.

Mie imi e din ce in ce mai clar ca sistemul capitalist de distributie isi atinge limitele in epoca post-scarcity in care am intrat in lumea dezvoltata (in timp ce lumea in curs de dezvoltare ramane prizoniera subdezvoltarii din cauza coruptiei). O noua paradigma de distributie se cere, si probabil ca va veni in mod disruptiv, descentralizat si bazat pe tehnologie.

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