Economic Essay
Real business Cycle theory & Financial instability hypothesis of Hyman Minsky
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Saltwater |
Freshwater |
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Market usually works with some “except” The water is not “Pure” but with many chemicals. |
Like Neo-classical school Market economy Market always works General equilibrium. |
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Tend to be Democrats |
Tend to be Publicans |
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Endogenous Recession and Recovery Circle |
Exogenous Recession was due to the exogenous shock. |
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irrational |
rational |
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Demand side |
Supply side |
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Truth Need “micro-foundations” |
Beauty Formulas |