Underconsumption Theory and Secular Stagnation Thesis (1944)

Underconsumption Theory and Secular Stagnation Thesis is a book published by the American Economic Association in 1944. The book delves into two economic theories that were prevalent during the time of its publication. The first theory, underconsumption theory, argues that economic growth is hindered by a lack of consumer demand. The second theory, secular stagnation thesis, posits that a long-term decline in economic growth is caused by a lack of investment opportunities.The book consists of several essays written by prominent economists of the time, including John Maynard Keynes, Alvin Hansen, and Joseph Schumpeter. Each essay explores the nuances of the two theories and provides evidence to support or refute them.Underconsumption Theory and Secular Stagnation Thesis is an important work in the history of economic thought. It provides insight into the economic challenges faced by the United States during the Great Depression and World War II, and the various theories that were proposed to address them. The book remains relevant today as economists continue to debate the causes of economic growth and the role of government in promoting it.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.