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Economic stagnation or economic immobilism, often called simply stagnation or immobilism, is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists. Under other definitions, growth less than 2–3% per year is a sign of stagnation. The term bears negative connotations, but slow economic growth is not necessarily the fault of economic policymakers. For example, potential growth may be slowed down by catastrophic or demographic reasons. Economic stagnation theories originated during the Great Depression and came to be associated with early Keynesian economics and Harvard University economics professor Alvin Hansen. ==Secular stagnation theory== Secular stagnation refers to "a condition of negligible or no economic growth in a market-based economy". In this context, the term ''secular'' is used in contrast to ''cyclical'' or ''short-term'', and suggests a change of fundamental dynamics which would play out only in its own time. The term was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". Secular stagnation was dusted off by Hans-Werner Sinn in a 2009 article 〔(Hans-Werner Sin, Forget Inflation, February 26, 2009 )〕 dismissing the threat of inflation, and became popular again when Larry Summers invoked the term and concept during a 2013 speech at the IMF. However, ''The Economist'' criticizes secular stagnation as "a baggy concept, arguably too capacious for its own good".〔 Paul Krugman, writing in 2014, clarified that it refers to "the claim that underlying changes in the economy, such as slowing growth in the working-age population, have made episodes like the past five years in Europe and the United States, and the last 20 years in Japan, likely to happen often. That is, we will often find ourselves facing persistent shortfalls of demand, which can’t be overcome even with near-zero interest rates." At its root is "the problem of building consumer demand at a time when people are less motivated to spend". 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「economic stagnation」の詳細全文を読む スポンサード リンク
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