Philip Pilkington — What Would Keynes Have Said About the Current Stagnation?

So there you have it! With a bit of modification Keynes’ old Fundamental Equations can be used to provide quite a nice account of the current stagnation in the US, which is basically a result of households pulling back on their debt-fueled consumption spending (and the reaction of investment to this loss of effective demand).

Fixing the Economists
What Would Keynes Have Said About the Current Stagnation?
Philip Pilkington