Unveiling the Secret Behind Economic Booms and Busts: Pigou's Theory Explained
The article explores a theory that suggests economic booms and recessions happen because people struggle to predict how much money the economy will need in the future. The authors show how this theory can explain the ups and downs of the U.S. economy without blaming technology. They argue that this model can help us understand recent U.S. recessions and the Asian economic troubles in the late 1990s.