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 experts in macroeconomics. 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 always 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.
Read more about Economic Stagnation: Secular Stagnation Theory, Historical Periods of Stagnation in The U.S., The End of The Stagnation in The U.S. Following The Great Depression, Stagflation in The U.S., The "Great Stagnation", Further Reading
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“A society which is clamoring for choice, which is filled with many articulate groups, each urging its own brand of salvation, its own variety of economic philosophy, will give each new generation no peace until all have chosen or gone under, unable to bear the conditions of choice. The stress is in our civilization.”
—Margaret Mead (19011978)