In 1973, the cartel of oil-exporting countries agreed to quadruple their prices. Surely it’s understandable in that case, that there’s less money available for other expenses and so there will be a general slowdown.
But perhaps you’re arguing that recessions with more abstract causes are unnecessary, and the result of macroeconomic policy? I think this is what they believe in the Austrian school of economics, when they are skeptical about the “business cycle”.
For my part, I would also like to hear from you, what you think the causes of economic growth are. To have economic growth, you need more than just the continued existence of “desks and machines”, you need there to be an increasing number of them, or an increasingly productive use of them. Why should we expect either of those trends?
In 1973, the cartel of oil-exporting countries agreed to quadruple their prices. Surely it’s understandable in that case, that there’s less money available for other expenses and so there will be a general slowdown.
But perhaps you’re arguing that recessions with more abstract causes are unnecessary, and the result of macroeconomic policy? I think this is what they believe in the Austrian school of economics, when they are skeptical about the “business cycle”.
For my part, I would also like to hear from you, what you think the causes of economic growth are. To have economic growth, you need more than just the continued existence of “desks and machines”, you need there to be an increasing number of them, or an increasingly productive use of them. Why should we expect either of those trends?