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Mario Seccareccia: Larry Summers, Secular Stagnation, and the Crisis of the New Consensus Model « naked capitalism
This is a must-read post for a couple of reasons. First, while dense, the post makes clear that the "natural rate" of interest is an artificial construct of neoclassical economics of limited utility based on a loanable funds worldview. I think the "natural rate" can be beneficial as a way of thinking about how people respond to low nominal rates, but taken to its logical conclusion here, you can see it is problematic...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.