A sinkhole, but not in a bad way
One of the oddities of the Keynesian model is that although it predicts that saving will fall during recessions, many people assume the model predicts that saving will rise during recessions. If you don’t see this, start with the easiest version, a closed economy Keynesian cross model. The famous Keynesian “paradox of thrift” predicts that … Continue reading A sinkhole, but not in a bad way
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