Macroeconomics and the Wall Street Meltdown
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'Free markets' do not exist. Competition is not a natural or default state of existence - without regulation, there is an unstoppable march toward monopoly formation, and before you know it you live in a fascist state where everyone works for The Corporation. Kings and queens knew it, democracies knew it. You have to separate out corporate wealth from power.
tigerone1970 2 years ago
" So all these assumptions turned out not to be true. "
Welcome to Economics.
Because this is not the first economist induced crash or depression. It is the very idea of Supply Side Econonomics that creates an imbalance in the economy of oversupply and a destruction of demand.
tigerone1970 2 years ago
" Consumers spend out of disposable income "
Don't they also spend out of non-disposable income? When they pay the bills, they're not consumers?
tigerone1970 2 years ago