The Usual Suspect
Across the Euro-Atlantic world, economic recovery remains sluggish and halting, turning readily curable cyclical unemployment into structural unemployment, and a brief hiccup in capital accumulation into a prolonged investment shortfall. Unless governments spend more now,output could suffer for decades.
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BERKELEY – Across the Euro-Atlantic world, recovery from the recession of 2008-2009 remains sluggish and halting, turning what was readily curable cyclical unemployment into structural unemployment. And what was a brief hiccup in the process of capital accumulation has turned into a prolonged investment shortfall, which means a lower capital stock and a lower level of real GDP not just today, while the recovery is incomplete, but possibly for decades.