Abstract
The article debates the ‘stagnation model’ proposed by Furtado in 1965 and 1966, and comments on Tavares and Serras’s criticism of Furtado’s model, in ‘Beyond Stagnation’ (1971). It also discusses to what extent Furtado’s 1970s texts would have represented a change in opinion, in the sense of putting aside the analytical presuppositions of the stagnation model. It is argued that the dilemmas of Furtado’s stagnation model are many, and quite different from those argued by Tavares and Serra.
Keywords:
Celso Furtado, 1920-2004; Stagnation model; Capital/Output ratio