Date of Award


Access Control

Open Access

Degree Name

Applied Economics, M.A.


Economics and Finance Department


William T. Ganley, Ph.D., Professor of Economics

Department Home page

First Reader

William T. Ganley, Ph.D., Professor of Economics

Second Reader

Ted P. Schmidt, Ph.D., Associate Professor of Economics

Third Reader

Bruce L. Fisher, J.D., Visiting Professor and Director


The purpose of this thesis is to study the theory of secular stagnation, which was made famous by the American Keynesian economist Alvin Hansen in his book Full Recovery or Stagnation. The theory of secular stagnation has reappeared in economic circles today due to recent economic conditions since the financial crisis of 2007-2008. The thesis will analyze the history of the stagnation theory dating back to Classical economists in the 19th century. The concept of a stagnating economy has been talked about for centuries with many economists adding important thoughts. Furthermore, the thesis will address the current questions and examine whether the stagnation claims have merit in today’s economy. High unemployment and slow economic growth in developed countries including the United States may be explained by the theories of secular stagnation and the matured economy.