Don’t Let The NARN Remind Us Of What We Are Not Now (Needs Guests) - Today, the Northern Alliance Radio Network – America’s first grass-roots talk radio show – is on the air! I will be on from 1-3PM today! I’ll be talking wi...
3 hours ago
[O]ne of the high points of the semester, if you're a teacher of introductory macroeconomics, comes when you explain how individual virtue can be public vice, how attempts by consumers to do the right thing by saving more can leave everyone worse off. The point is that if consumers cut their spending, and nothing else takes the place of that spending, the economy will slide into a recession, reducing everyone's income.
In fact, consumers' income may actually fall more than their spending, so that their attempt to save more backfires — a possibility known as the paradox of thrift.