Analysis of a protracted economic depression characterized by a falling population growth, low aggregate demand and a tendency to save rather than invest.
The bulk of modern economic endeavour has been to avoid this depression or to curb the impact of it on people. Some recent theorists have suggested that stagnation is a desirable state, in which environmental resources are not unduly exploited.
Also see: malthusian population theory
A Hansen. Full Recovery or Stagnation? (New York, 1938)