>Ulhas:
>> Where is the stagnation?
>
>In unused productive capacity; in Japan; in decade-by-decade growth rate
>declines; in jobless recoveries; etc.; etc. Read the book again.
I think stagnation is a misleading word. Growth may be slow in some regions - though not China or India, which account for a third of the world population - but under the surface, there's been the proverbial constant revolution of social and economic relations. Regions, industries, firms rise and die and/or are transformed. In many ways, the Golden Age of the 1950s and 1960s was closer to stagnant (in the sense of placid) than the present, even though growth rates are lower now.
Doug