asterisk2a + capacity + greatdepression   3

BBC News - UK unemployment total falls to 2.16m, wage inflation to remain low
[threat of wage inflation spiral far off because of multiple underlying factors not allowing it measured wholly across the uk (taking the other country called london out of the picture)] - "Weak pay growth and the 'cost of living crisis' remains the Achilles heel of the economic recovery," said Chris Williamson, chief economist at Markit. "But it should not be long until we see earnings growth accelerate as the labour market continues to tighten. Pay growth should pick up in coming months, perhaps significantly." +++ http://www.telegraph.co.uk/finance/10838393/Bank-of-Englands-slack-approach-leaves-economy-at-risk.html +++ http://www.economist.com/blogs/freeexchange/2014/03/monetary-policy-0 +++ http://youtu.be/fvTdWWUkUNM?t=2m10s
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june 2014 by asterisk2a
BBC News - Worrying trends for the UK economy
In other words, the record amount of private debt, which has just reached £1.43 trillion, points to how borrowing has fuelled consumption. As we saw from the crash five years ago when debt was lower than now, debt-fuelled consumption isn't a sustainable or reliable source of growth. [...] Could the UK be facing what the US economist Larry Summers has described as America's "secular stagnation". It's a worry that the ageing population and a slower growth of the labour force mean a slower growing economy.
GFC  greatdepression  greatrecession  UK  2013  economic  history  recovery  austerity  deflationary  deflation  inflation  working  poor  squeezed  middle  class  zombie  consumer  consumer  debt  deleveraging  balance  sheet  recession  output-gap  productivity  larrysummers  stagflation  stagnation  secular  cycle  Japan  lostdecade  lostgeneration  fiscal  policy  monetary  policy  liquidity-trap  spare  capacity 
december 2013 by asterisk2a
Crisis lessons from Irving Fisher: Fix the debt-deflation disease, not its symptoms | vox - Research-based policy analysis and commentary from leading economists
This column rehabilitates Irving Fisher’s debt-deflation theory to explain the current crisis. It suggests that fiscal stimulus will do little to prevent the crisis from becoming a protracted slump because the problem lies in finance. A cure will require reversing deflation and restarting the credit system.
“…in the great booms and depressions, each of the above named factors (over production, underconsumption, over capacity, price dislocation, over confidence, over investment, over saving etc.) has played a subordinate role as compared with two dominant factors, namely, over indebtedness to start with and deflation following soon after;… where any of the other factors do become conspicuous, they are often merely effects or symptoms of these two.” (Irving Fisher, 1933, p. 341)
deflation  debt  macroeconomics  2010  2011  IrvingFisher  consumption  greatrecession  greatdepression  capacity  public  private  economics  fiscal  stimulus  book 
february 2011 by asterisk2a

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