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Irving Fisher, the great classical economist, tells us that the definition of debt deflation is when everyone in a market tries to reduce debt, which results in distress selling. This leads to a contraction of the money supply as bank loans are paid off. This in turn leads to a fall in the level of asset prices and a still greater fall in the net w
... See moreJonathan Tepper • Endgame: The End of the Debt SuperCycle and How It Changes Everything
The General Theory of Employment, Interest, and Money
In my Far from Equilibrium Economics and Finance course, the first two articles I have my PhD students read are Friedrich von Hayek’s Economics and Knowledge (1937) and The Use of Knowledge in Society (1945) , von Hayek’s classic papers that describe a market economy as a solution to the division of knowledge problem. The third article I have them
... See moreDr. John Rutledge • How to Think About the Deficit, the National Debt, and Interest Rates
