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What does Keynes identify as the primary cause of economic downturns? Explain. Explain the concept of an 'intertemporal preference change'? What is the effect of
- What does Keynes identify as the primary cause of economic downturns? Explain.
- Explain the concept of an 'intertemporal preference change'?
- What is the effect of an artificially low rate of interest on 1) the PPF; 2) the Hayekian triangle; and 3) early and late stage labor markets?
- Use Mises' home builder analogy to explain the bust phase of the business cycle.
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