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University of Massachusetts - Amherst ScholarWorks@UMass Amherst Economics Department Working Paper Series Economics 2005 Prosperity and Stagnation in Capitalist Economics Toichiro Asada Peter Flaschel Peter Skott University of M assachusetts - Amherst Follow this and a itional works at : /econ_workingpaper Part of the Economics Commons Asa a, Toichiro; Flaschel, Peter; and Skott, Peter, Prosperity and Stagnation in Capitalist Economics (2005). Economics Department Working Pap er Series. Paper 48. /econ_workingpaper/48 This Article is brought to you for free and open access by the Economics at ScholarWorks@UMass Amherst. It has been accepted for inclusion in Economics Department Working Paper Series by an authorized administrator of ScholarWorks@UMass Amherst. For more information, please contact scholarworks@. DEPARTMENT OF ECONOMICS Working Paper Prosperity and Stagnation in Capitalist Economies by Toichiro Asada, Peter Flaschel and Peter Skott Working Paper 2005-12 UNIVERSITY OF MASSACHUSETTS AMHERST Prosperity and Stagnation in Capitalist Economies Toichiro Asada Peter Flaschel Faculty of Economics Faculty of Economics Chuo University Bielefeld University Tokyo, Japan Bielefeld, Germany Peter Skott Department of Economics University of Massachusetts Amherst, USA June 10, 2005 Abst