One-Month Money — Frequently Asked Questions

What is One-Month Money about?

One-Month Money (buy from Amazon UK, Amazon US, Harriman House) is divided into two parts. Part One — ‘The Case for Change’ — explains why our current economy is inherently unstable, and why our tools of fiscal and monetary policy can only ever hope to moderate, but never eliminate, this instability. This section ends with an explication of secular stagnation in developed economies. Driven by a structural decline in workforce growth, secular stagnation will make our current remedies, already inadequate, even more so.


The Productivity Trap

In my last post, I began by discussing the two definitions of secular stagnation — how one relates to the demand-side while the other to the supply-side. As a proponent of a neutral monetary system, I said that I only cared about the demand-side definition, since the main impetus behind neutral money is to solve the problem of deficient spending.

The truth is that the two definitions are inextricably linked.