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In anticipation of the oncoming recession everyone decides to spend less now and save more, thus in the consumption function declines, irrespectively of output. What
In anticipation of the "oncoming" recession everyone decides to spend less now and save more, thus in the consumption function declines, irrespectively of output. What happens to equilibrium income, interest rate and savings in response to this increased thriftiness
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Price theory and applications
Authors: Steven E landsburg
8th edition
538746459, 1133008321, 780538746458, 9781133008323, 978-0538746458
