One week ago at the IMF Research Conference, Larry Summers delivered a remarkable speech about secular stagnation, which he suggested might be the defining issue of our age. The term secular stagnation, coined by American Keynesian Alvin Hansen in the late 1930s, has always had a polarising effect among economists, and the same will certainly be true again this time. But whatever one thinks about the argument, the Summers speech, at 16 minutes long, is a tour de force that demands to be watched. Read more
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