1012:
systemic financial crisis. The supply of credit to the private sector will halt. Borrowing will shrink. Investment, particularly in new housing, will collapse. The desired savings of the heavily indebted will rise, as they seek to pay down excessive debt. Creditors, too, will become far more cautious, as they recognise how vulnerable they have become to a wave of bankruptcy among their debtors. The overall effect will be big cutbacks in spending and a deep recession, if not worse. A big financial crisis will accelerate the cuts and turn the recession into a potential depression. That is, of course, what happened in 2008. The effects of the emergence of balance-sheet constraints on spending and borrowing will, in brief, be revealed in the huge financial surpluses in the private sectors of crisis-hit economies."
1030:, meaning their assets were worth less than their liabilities. Despite zero interest rates and expansion of the money supply to encourage borrowing, Japanese corporations in aggregate opted to pay down their debts from their own business earnings rather than borrow to invest as firms typically do. Corporate investment, a key demand component of GDP, fell enormously (22% of GDP) between 1990 and its peak decline in 2003. Japanese firms overall became net savers after 1998, as opposed to borrowers. Koo argues that it was massive fiscal stimulus (borrowing and spending by the government) that offset this decline and enabled Japan to maintain its level of GDP. In his view, this avoided a U.S. type
1051:
1139:
recession can’t be cured simply by restoring confidence: no matter how confident they may be feeling, debtors can’t spend more if their creditors insist they cut back. So offsetting the economic downdraft from a debt overhang requires concrete action, which can in general take two forms: fiscal stimulus and debt relief. That is, the government can step in to spend because the private sector can’t, and it can also reduce private debts to allow the debtors to spend again. Unfortunately, we did too little of the first and almost none of the second."
1005:
suddenly realize that these high debt levels are risky. At that point, debtors will face strong pressures from their creditors to “deleverage,” slashing their spending in an effort to pay down debt. But when many people slash spending at the same time, the result will be a depressed economy. This can turn into a self-reinforcing spiral, as falling incomes make debt seem even less supportable, leading to deeper cuts; but in any case, the overhang of debt can keep the economy depressed for a long time."
1101:, as the value of their primary asset (homes) fell, mortgage debt initially remained fixed, so equity also fell, causing the ratio of debt to equity (a measure of leverage) to rise. This sudden increase in leverage, causing consumers to shift from spending to paying down debt, can account for a significant decline in employment levels, as employers cut back due to concerns of lower consumer demand. Policies that help reduce mortgage debt or household leverage could therefore have stimulative effects.
40:
867:
1078:(gross private savings minus gross private domestic investment) from an approximately $ 200 billion deficit in Q4 2007 to a surplus of $ 1.4 trillion by Q3 2009. This surplus remained elevated at $ 720 billion (~$ 913 billion in 2023) in Q1 2014. This illustrates the core issue in a balance sheet recession, that an enormous amount of savings was tied up in the banking system, rather than being invested.
855:
1034:, in which U.S. GDP fell by 46%. He argued that monetary policy (e.g., central banks lowering key interest rates) was ineffective because there was limited demand for funds while firms paid down their liabilities, even at near-zero interest rates. In a balance sheet recession, GDP declines by the amount of debt repayment and un-borrowed individual savings, leaving government stimulus spending as the primary remedy.
1147:
tend to spend more rather than save if they believe inflation is on the horizon. In more technical terms, Krugman argues that the private sector savings curve is elastic even during a balance sheet recession (responsive to changes in real interest rates) disagreeing with Koo's view that it is inelastic (non-responsive to changes in real interest rates).
963:
that holds that assets must always equal the sum of liabilities plus equity. If asset prices fall below the value of the debt incurred to purchase them, then the equity must be negative, meaning the consumer or business is insolvent. Until it regains solvency, the entity will focus on debt repayment.
954:
driven by the high levels of private sector debt (i.e., the credit cycle) rather than fluctuations in the business cycle. It is characterized by a change in private sector behavior towards saving (i.e., paying down debt) rather than spending, which slows the economy through a reduction in consumption
1108:
wrote in 2012 that the financial crisis in the U.S. was a balance sheet recession: "The overall story, then, is of an economy driven not by fiscal policy decisions, but by private sector decisions taken for reasons that have nothing to do with the long-run fiscal prospects of the economy. Meanwhile,
1069:
U.S. household debt rose from approximately 65% GDP in Q1 2000 to 95% by Q1 2008. This was driven by a housing bubble, which encouraged
Americans to take on larger mortgages and use home equity lines of credit to fuel consumption. Mortgage debt rose from $ 4.9 trillion in Q1 2000 to a peak of $
1041:
objective to debt minimization until they are solvent (i.e., equity is positive). This may take a long time; when the bubble burst in 1990, corporate demand for funds immediately collapsed, and by 1995, the demand was negative, meaning that
Japanese companies were making net pay downs of their debt.
1146:
when faced with a balance sheet recession would be appropriate. However, Krugman argued that monetary policy could also affect savings behavior, as inflation or credible promises of future inflation (generating negative real interest rates) would encourage less savings. In other words, people would
1011:
wrote in July 2012: "Now consider what happens when the asset prices start to fall. Debtors will be unambiguously poorer. Creditors will also feel poorer, since their assets will have deteriorated in quality. Financial intermediaries will become both insolvent and illiquid. There is likely to be a
1134:
Responses to recessions typically include fiscal stimulus through higher government deficits and monetary stimulus, such as lower interest rates and monetary creation. However, the solvency (net worth) of economic actors is a third important element when dealing with a balance sheet recession, as
1138:
In
Krugman's view, balance sheet recessions require private sector debt reduction strategies (e.g., mortgage refinancing) combined with higher government spending to offset declines from the private sector as it pays down its debt, writing in July 2014: "Unlike a financial panic, a balance sheet
1004:
wrote in July 2014: "The logic of a balance sheet recession is straightforward. Imagine that for whatever reason people have grown careless about both borrowing and lending, so that many families and/or firms have taken on high levels of debt. And suppose that at some point people more or less
1081:
The decline in housing prices also caused U.S. household equity to plummet, from a peak of $ 13.4 trillion in Q1 2006 to $ 6.1 trillion by Q1 2009, a 54% decline. Household equity began to rise after Q4 2011 and was back to $ 10.8 trillion by Q1 2014, approximately 80% of its
980:
High levels of indebtedness or the bursting of a real estate or financial asset price bubble can cause a balance sheet recession. This is when large numbers of consumers or corporations pay down debt (i.e., save) rather than spend or invest, which slows the economy. Economist
985:
wrote in 2009 that under ideal conditions, a country's economy should have the household sector as net savers and the corporate sector as net borrowers, with the government budget nearly balanced and net exports near zero. When imbalances develop across these
993:
Rather than savings by households being invested by businesses, as is the case under typical economic conditions, the savings remains in the banking system and will not be invested by businesses regardless of the interest rate. A large
1025:
For example, economist
Richard Koo wrote that Japan's "Great Recession" that began in 1990 was a "balance sheet recession". It was triggered by a collapse in land and stock prices, which caused Japanese firms to have
1073:
While U.S. savings rose significantly during the 2007–2009 recession, both residential and non-residential investment fell significantly, approximately $ 560 billion between Q1 2008 and Q4 2009. This moved the
1548:
1122:
When housing prices fall, poorer homeowners (with a larger proportion of their net worth in their home) are hit the hardest financially and reduce their consumption relatively more than wealthier households.
990:, recession can develop within the country or create pressure for recession in another country. Policy responses are often designed to drive the economy back towards this ideal state of balance.
1109:
the government, as a whole, was driven into huge deficit by these private sector decisions. That is exactly what one expects to happen in a huge balance-sheet recession, such as this one."
1541:
1125:
Declines in residential investment preceded the recession and were followed by reductions in household spending and then non-residential business investment as the recession worsened.
1424:
918:
that occurs when high levels of private sector debt cause individuals or companies to collectively focus on saving by paying down debt rather than spending or investing, causing
1534:
2452:
2457:
1093:
levels. Both durable and non-durable goods consumption declined as households moved from low to high leverage with the decline in property values experienced during the
2442:
2432:
1201:
Olsen, Andreas
Hardhaug. "Wilhelm Röpke and Richard C. Koo On Secondary Deflations and Balance Sheet Recessions." Economic Affairs 35.2 (2015): 215-224.
1054:
U.S. savings and investment; savings greater than investment indicates a large private sector financial surplus, indicative of a balance sheet recession
2422:
2427:
1697:
1557:
1487:
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1119:
U.S. household spending declines were largest in geographic areas with a combination of higher household debt and larger housing price declines.
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1142:
Krugman discussed the balance sheet recession concept during 2010, agreeing with Koo's situation assessment and view that sustained
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1765:
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10.7 trillion by Q2 2008. However, it has fallen since as households deleverage, to $ 9.3 trillion by Q1 2014.
2285:
1066:
was only one manifestation of a broader problem of excessive debt--that it was a so-called "balance sheet recession".
1089:
A July 2012 survey of balance sheet recession research reported that consumer demand and employment are affected by
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890:
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1365:
1354:
2083:
964:
It has been argued that a balance sheet recession essentially is the same phenomenon that the German economist
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228:
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1993:
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1278:
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2089:
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1116:
Historically, severe economic downturns are almost always preceded by a sharp increase in household debt.
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49:
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The demand remained negative for 10 years, until 2005. This happened despite near zero interest rates.
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93:
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either asset price declines must be reversed or debt levels reduced, or combination of both.
819:
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78:
1243:
1086:, as indicated by the reduction in mortgage balances since Q2 2008 described above.
998:(savings greater than investment), a proverbial "hole" in the economy, can develop.
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333:
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298:
1082:
pre-crisis peak level. Such a decline in equity shifts household behavior towards
965:
645:
2333:
2323:
2073:
2014:
2009:
2003:
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1027:
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388:
1377:
FRED Database-Residential and Non-Residential
Investment-Retrieved July 2014
39:
1794:
1787:
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1651:
1646:
1590:
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83:
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1760:
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1008:
982:
923:
760:
750:
540:
175:
1988:
670:
470:
1799:
1730:
1631:
1627:
1447:"Financial Times-Martin Wolf-The Balance Sheet Recession in the U.S."
1216:
1062:
wrote in 2014 that "the best working hypothesis seems to be that the
951:
520:
451:
31:
1316:"Presentation by Richard Koo – The Age of Balance Sheet Recessions"
1388:
FRED Database-Private Sector
Financial Surplus-Retrieved July 2014
1244:"The world in balance sheet recession: causes, cure, and politics"
1366:
FRED Database-Home
Mortgage Liability Levels-Retrieved July 2014
1297:"Financial Times-Martin Wolf-Getting Out of Debt by Adding Debt"
1432:
854:
1399:
FRED Database-Household Owner's Equity-Retrieved July 2014
972:
economists in the 1930s denoted as a secondary deflation.
919:
922:
to slow or decline. The term is attributed to economist
1112:
Economists Atif Mian and Amir Sufi wrote in 2014 that:
955:by households or investment by business. The term
950:A balance sheet recession is a particular type of
1453:
2477:
1355:FRED Database-Household Debt-Retrieved July 2014
1037:Koo wrote in 2010 that firms may switch from a
1459:
1542:
1313:
1272:
1270:
1268:
1181:
1179:
891:
1517:"Debt, deleveraging, and the liquidity trap"
1486:: CS1 maint: multiple names: authors list (
1439:
1253:, issue no. 58, 12 December 2011, pp. 19–37
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1535:
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1237:
1235:
1209:
1207:
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1218:. John Wiley & Sons (Asia) Pte. Ltd.
1241:
1049:
1514:
1276:
1232:
1204:
2478:
1015:
1530:
1188:Richard Koo-A Balance Sheet Recession
1165:the phenomena on an individual scale
1515:Krugman, Paul (November 18, 2010).
1460:Mian, Atif and, Sufi, Amir (2014).
1213:
1097:. In other words, according to the
13:
1853:British credit crisis of 1772–1773
1129:
1020:
14:
2512:
1566:Commonwealth of Nations countries
1303:. Financial Times. July 25, 2012.
1159:also refer to as long wave cycle
1076:private sector financial balance
996:private sector financial surplus
865:
853:
38:
1562:recessions in the United States
1508:
1494:
1449:Financial Times. July 19, 2012.
1417:
1403:
1392:
1381:
1370:
1359:
1314:Gregory White (14 April 2010).
1277:Krugman, Paul (July 10, 2014).
930:concept described by economist
140:Concepts, theory and techniques
1348:
1330:
1307:
1289:
1195:
1:
1169:
945:
2496:United States housing bubble
1285:– via www.nybooks.com.
1283:The New York Review of Books
7:
2308:1997 Asian financial crisis
1941:Civil War-era United States
1251:real-world economics review
1150:
938:that began in 1990 and the
10:
2517:
2084:Post–World War I recession
1904:Post-Napoleonic Depression
1411:"Grim Natural Experiments"
934:. Recent examples include
16:Type of economic recession
2322:
2258:
2203:
2157:
2072:
1994:2nd Industrial Revolution
1987:
1934:
1927:(1836–1838 and 1839–1843)
1843:1st Industrial Revolution
1841:
1810:
1611:Price-and-wage stickiness
1572:
1466:. University of Chicago.
975:
2275:1990s United States boom
2063:Financial crisis of 1914
1502:"Notes On Koo (Wonkish)"
1279:"Does He Pass the Test?"
1095:subprime mortgage crisis
128:JEL classification codes
2090:Depression of 1920–1921
2022:Depression of 1882–1885
1936:Early Victorian Britain
1671:Real and nominal values
1338:"Browse the Collection"
1046:United States 2007–2009
912:balance sheet recession
314:Industrial organization
171:Computational economics
2195:Recession of 1969–1970
2190:Recession of 1960–1961
2149:Recession of 1937–1938
1055:
926:and is related to the
166:Experimental economics
2313:Early 2000s recession
2280:Early 1990s recession
2232:Early 1980s recession
1812:Commercial revolution
1710:Nominal interest rate
1318:. Businessinsider.com
1214:Koo, Richard (2009).
1053:
1879:Copper Panic of 1789
1435:on October 16, 2015.
393:Social choice theory
2215:1973–1975 recession
2159:Post–WWII expansion
1833:Great Frost of 1709
1661:Neutrality of money
1642:Classical dichotomy
1558:Economic expansions
1429:www.nextnewdeal.net
1099:accounting equation
1039:profit maximization
1016:Historical examples
961:accounting equation
860:Business portal
181:Operations research
161:National accounting
2397:COVID-19 recession
2057:Panic of 1910–1911
1889:Panic of 1796–1797
1715:Real interest rate
1683:Economic expansion
1504:. August 17, 2010.
1091:household leverage
1056:
916:economic recession
191:Industrial complex
186:Middle income trap
2473:
2472:
2184:Recession of 1958
2178:Recession of 1953
2172:Recession of 1949
1869:Thirteen Colonies
1676:Velocity of money
1606:Paradox of thrift
1473:978-0-226-08194-6
1225:978-0-470-82494-8
936:Japan's recession
908:
907:
2508:
2265:Great Regression
2260:Great Moderation
2106:Great Depression
2095:Roaring Twenties
1616:Underconsumption
1586:Effective demand
1577:Aggregate demand
1551:
1544:
1537:
1528:
1527:
1521:
1520:
1512:
1506:
1505:
1498:
1492:
1491:
1485:
1477:
1457:
1451:
1450:
1443:
1437:
1436:
1431:. Archived from
1421:
1415:
1414:
1407:
1401:
1396:
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1211:
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1199:
1193:
1192:
1183:
1144:deficit spending
1064:financial crisis
1032:Great Depression
959:derives from an
900:
893:
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872:Money portal
870:
869:
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354:Natural resource
146:Economic systems
42:
19:
18:
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2511:
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2334:Great Recession
2326:
2324:Information Age
2318:
2267:
2263:
2254:
2207:
2205:Great Inflation
2199:
2161:
2153:
2076:
2074:Interwar period
2068:
2004:Long Depression
1996:
1992:
1983:
1943:
1939:
1930:
1845:
1837:
1814:
1806:
1771:U.S. recessions
1766:U.K. recessions
1698:U.S. expansions
1568:
1555:
1525:
1524:
1513:
1509:
1500:
1499:
1495:
1479:
1478:
1474:
1458:
1454:
1445:
1444:
1440:
1425:"Next New Deal"
1423:
1422:
1418:
1413:. July 6, 2012.
1409:
1408:
1404:
1397:
1393:
1386:
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1172:
1157:Kondratiev wave
1153:
1132:
1130:Policy response
1048:
1028:negative equity
1023:
1021:Japan 1990–2005
1018:
978:
970:Austrian School
948:
920:economic growth
904:
866:
864:
852:
845:
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815:
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566:von Böhm-Bawerk
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204:
196:
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151:Economic growth
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133:
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74:
72:classifications
17:
12:
11:
5:
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2453:United Kingdom
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2385:United Kingdom
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2328:
2327:(2007–present)
2320:
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2296:United Kingdom
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2137:United Kingdom
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2019:
2018:
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2012:
2010:United Kingdom
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1680:
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1673:
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1658:
1649:
1644:
1639:
1625:
1623:Business cycle
1620:
1619:
1618:
1613:
1608:
1603:
1601:Overproduction
1598:
1593:
1588:
1573:
1570:
1569:
1554:
1553:
1546:
1539:
1531:
1523:
1522:
1507:
1493:
1472:
1452:
1438:
1416:
1402:
1391:
1380:
1369:
1358:
1347:
1329:
1306:
1288:
1264:
1242:Koo, Richard.
1231:
1224:
1203:
1194:
1174:
1173:
1171:
1168:
1167:
1166:
1160:
1152:
1149:
1131:
1128:
1127:
1126:
1123:
1120:
1117:
1047:
1044:
1022:
1019:
1017:
1014:
983:Richard C. Koo
977:
974:
947:
944:
942:of 2007-2009.
940:U.S. recession
928:debt deflation
906:
905:
903:
902:
895:
888:
880:
877:
876:
875:
874:
862:
847:
846:
843:
842:
837:
827:
822:
816:
811:
810:
807:
806:
801:
800:
793:
788:
783:
778:
773:
768:
763:
758:
753:
748:
743:
738:
733:
728:
723:
718:
713:
708:
703:
698:
693:
688:
683:
678:
673:
668:
663:
658:
653:
648:
643:
638:
633:
628:
623:
618:
613:
608:
603:
598:
593:
588:
583:
578:
573:
568:
563:
558:
553:
548:
543:
538:
533:
528:
523:
518:
513:
508:
503:
498:
493:
488:
483:
478:
473:
468:
463:
457:
456:
455:
449:
448:
445:
444:
441:
440:
435:
430:
425:
420:
415:
410:
405:
400:
395:
386:
381:
376:
371:
366:
361:
359:Organizational
356:
351:
346:
341:
336:
331:
326:
321:
316:
311:
306:
301:
296:
291:
286:
281:
276:
271:
266:
261:
256:
251:
246:
241:
236:
231:
226:
221:
216:
211:
205:
203:By application
202:
201:
198:
197:
194:
193:
188:
183:
178:
173:
168:
163:
158:
153:
148:
142:
139:
138:
135:
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131:
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125:
120:
115:
110:
105:
96:
91:
86:
81:
75:
69:
68:
65:
64:
63:
62:
57:
52:
44:
43:
35:
34:
28:
27:
15:
9:
6:
4:
3:
2:
2513:
2502:
2501:Balance sheet
2499:
2497:
2494:
2492:
2489:
2487:
2484:
2483:
2481:
2464:
2461:
2459:
2458:United States
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2424:
2421:
2419:
2416:
2414:
2411:
2409:
2406:
2404:
2400:
2399:
2398:
2395:
2391:
2390:United States
2388:
2386:
2383:
2381:
2378:
2376:
2373:
2371:
2368:
2366:
2363:
2361:
2358:
2356:
2353:
2351:
2348:
2346:
2343:
2341:
2337:
2336:
2335:
2332:
2331:
2329:
2325:
2321:
2314:
2311:
2309:
2306:
2302:
2301:United States
2299:
2297:
2294:
2292:
2289:
2287:
2283:
2282:
2281:
2278:
2276:
2273:
2272:
2270:
2266:
2261:
2257:
2249:
2248:United States
2246:
2244:
2241:
2239:
2235:
2234:
2233:
2230:
2226:
2225:United States
2223:
2221:
2218:
2217:
2216:
2213:
2212:
2210:
2206:
2202:
2196:
2193:
2191:
2188:
2185:
2182:
2179:
2176:
2173:
2170:
2167:
2166:
2164:
2160:
2156:
2150:
2147:
2143:
2142:United States
2140:
2138:
2135:
2133:
2130:
2128:
2125:
2123:
2120:
2118:
2115:
2113:
2109:
2108:
2107:
2104:
2101:
2098:
2096:
2093:
2091:
2088:
2085:
2082:
2081:
2079:
2075:
2071:
2064:
2061:
2058:
2055:
2052:
2051:Panic of 1907
2049:
2046:
2045:Panic of 1901
2043:
2040:
2037:
2036:Panic of 1893
2034:
2031:
2030:Baring crisis
2028:
2025:
2023:
2020:
2016:
2015:United States
2013:
2011:
2007:
2006:
2005:
2002:
2001:
1999:
1995:
1990:
1986:
1979:
1976:
1973:
1972:Panic of 1866
1970:
1967:
1964:
1963:Panic of 1857
1961:
1958:
1955:
1954:Panic of 1847
1952:
1949:
1948:
1946:
1942:
1937:
1933:
1926:
1925:Panic of 1837
1923:
1920:
1917:
1914:
1913:Panic of 1825
1911:
1908:
1905:
1902:
1899:
1896:
1893:
1890:
1887:
1884:
1883:Panic of 1792
1880:
1877:
1874:
1870:
1867:
1865:
1862:
1860:
1856:
1855:
1854:
1851:
1850:
1848:
1844:
1840:
1834:
1831:
1829:
1828:Slump of 1706
1826:
1823:
1820:
1819:
1817:
1813:
1809:
1801:
1798:
1797:
1796:
1793:
1789:
1786:
1784:
1781:
1780:
1779:
1776:
1772:
1769:
1767:
1764:
1762:
1759:
1757:
1754:
1752:
1749:
1747:
1744:
1742:
1739:
1737:
1736:Balance sheet
1734:
1733:
1732:
1729:
1725:
1721:
1718:
1716:
1713:
1711:
1708:
1707:
1706:
1705:Interest rate
1703:
1699:
1696:
1694:
1691:
1689:
1686:
1685:
1684:
1681:
1677:
1674:
1672:
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1667:
1664:
1662:
1659:
1657:
1653:
1650:
1648:
1645:
1643:
1640:
1638:
1635:
1634:
1633:
1629:
1626:
1624:
1621:
1617:
1614:
1612:
1609:
1607:
1604:
1602:
1599:
1597:
1594:
1592:
1589:
1587:
1584:
1583:
1582:
1578:
1575:
1574:
1571:
1567:
1563:
1559:
1552:
1547:
1545:
1540:
1538:
1533:
1532:
1529:
1518:
1511:
1503:
1497:
1489:
1483:
1475:
1469:
1465:
1464:
1463:House of Debt
1456:
1448:
1442:
1434:
1430:
1426:
1420:
1412:
1406:
1400:
1395:
1389:
1384:
1378:
1373:
1367:
1362:
1356:
1351:
1343:
1342:CFA Institute
1339:
1333:
1317:
1310:
1302:
1298:
1292:
1284:
1280:
1273:
1271:
1269:
1252:
1245:
1238:
1236:
1227:
1221:
1217:
1210:
1208:
1198:
1191:. 2010-06-08.
1190:
1189:
1182:
1180:
1175:
1164:
1163:Debt overhang
1161:
1158:
1155:
1154:
1148:
1145:
1140:
1136:
1124:
1121:
1118:
1115:
1114:
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1110:
1107:
1102:
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1096:
1092:
1087:
1085:
1079:
1077:
1071:
1067:
1065:
1061:
1052:
1043:
1040:
1035:
1033:
1029:
1013:
1010:
1006:
1003:
999:
997:
991:
989:
984:
973:
971:
967:
966:Wilhelm Röpke
962:
958:
957:balance sheet
953:
943:
941:
937:
933:
932:Irving Fisher
929:
925:
921:
917:
914:is a type of
913:
901:
896:
894:
889:
887:
882:
881:
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861:
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851:
850:
849:
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841:
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835:
831:
828:
826:
823:
821:
818:
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799:
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769:
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764:
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749:
747:
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742:
739:
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734:
732:
729:
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724:
722:
719:
717:
714:
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702:
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689:
687:
684:
682:
679:
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672:
669:
667:
664:
662:
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652:
649:
647:
644:
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629:
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622:
619:
617:
614:
612:
609:
607:
604:
602:
599:
597:
594:
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584:
582:
579:
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574:
572:
569:
567:
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559:
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552:
549:
547:
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534:
532:
529:
527:
524:
522:
519:
517:
514:
512:
509:
507:
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502:
499:
497:
494:
492:
489:
487:
484:
482:
479:
477:
474:
472:
469:
467:
464:
462:
461:de Mandeville
459:
458:
453:
447:
446:
439:
436:
434:
431:
429:
426:
424:
421:
419:
416:
414:
411:
409:
406:
404:
401:
399:
396:
394:
390:
389:Public choice
387:
385:
382:
380:
377:
375:
372:
370:
367:
365:
364:Participation
362:
360:
357:
355:
352:
350:
347:
345:
342:
340:
337:
335:
332:
330:
327:
325:
324:Institutional
322:
320:
317:
315:
312:
310:
307:
305:
302:
300:
297:
295:
292:
290:
287:
285:
282:
280:
277:
275:
274:Expeditionary
272:
270:
267:
265:
264:Environmental
262:
260:
257:
255:
252:
250:
247:
245:
242:
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225:
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136:
129:
126:
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109:
106:
104:
100:
97:
95:
94:International
92:
90:
87:
85:
82:
80:
77:
76:
73:
70:Branches and
67:
66:
61:
58:
56:
53:
51:
48:
47:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
2491:Unemployment
2375:South Africa
2132:South Africa
1978:Black Friday
1795:Unemployment
1735:
1652:Money supply
1647:Disinflation
1591:General glut
1510:
1496:
1462:
1455:
1441:
1433:the original
1428:
1419:
1405:
1394:
1383:
1372:
1361:
1350:
1341:
1332:
1320:. Retrieved
1309:
1300:
1291:
1282:
1255:. Retrieved
1215:
1197:
1187:
1141:
1137:
1133:
1111:
1103:
1088:
1084:deleveraging
1080:
1072:
1068:
1060:Paul Krugman
1057:
1036:
1024:
1007:
1002:Paul Krugman
1000:
992:
979:
949:
911:
909:
830:Publications
795:
418:Sociological
391: /
289:Geographical
269:Evolutionary
244:Digitization
209:Agricultural
113:Mathematical
84:Econometrics
2443:New Zealand
2401:2020–2022;
2365:New Zealand
2338:2007–2009;
2284:1990–1991;
2268:(1982–2007)
2236:1980–1982;
2208:(1973–1982)
2186:(1957–1958)
2180:(1953–1954)
2174:(1948–1949)
2162:(1945–1973)
2127:New Zealand
2110:1929–1939;
2086:(1918–1919)
2077:(1918–1939)
2059:(1910–1912)
2053:(1907–1908)
2047:(1902–1904)
2038:(1893–1897)
2032:(1890–1891)
2008:1873–1879;
1997:(1870–1914)
1980:(1869–1870)
1974:(1865–1867)
1965:(1857–1858)
1956:(1847–1848)
1944:(1840–1870)
1915:(1825–1826)
1906:(1815–1821)
1891:(1796–1799)
1885:(1789–1793)
1857:1772–1774;
1846:(1760–1840)
1824:(1430–1490)
1822:Great Slump
1815:(1000–1760)
1761:Stagflation
1720:Yield curve
1666:Price level
1106:Martin Wolf
1009:Martin Wolf
924:Richard Koo
666:von Neumann
319:Information
259:Engineering
239:Development
234:Demographic
176:Game theory
118:Methodology
2486:Recessions
2480:Categories
2408:Bangladesh
2345:Bangladesh
1989:Gilded Age
1741:Depression
1693:Stagnation
1322:29 January
1301:www.ft.com
1170:References
1104:Economist
1058:Economist
946:Definition
825:Economists
696:Schumacher
601:Schumpeter
571:von Wieser
491:von ThĂĽnen
452:economists
428:Statistics
423:Solidarity
344:Managerial
309:Humanistic
304:Historical
249:Ecological
214:Behavioral
108:Mainstream
2448:Singapore
2403:Australia
2380:Sri Lanka
2340:Australia
2286:Australia
2112:Australia
2102:1926–1927
2099:1923–1924
2065:(1913–14)
2041:1899–1900
1897:1807–1810
1894:1802–1804
1875:1785–1788
1800:Sahm rule
1731:Recession
1632:Inflation
1628:Deflation
1482:cite book
952:recession
741:Greenspan
706:Samuelson
686:Galbraith
656:Tinbergen
596:von Mises
591:Heckscher
551:Edgeworth
369:Personnel
329:Knowledge
294:Happiness
284:Financial
254:Education
229:Democracy
123:Political
89:Heterodox
32:Economics
2433:Malaysia
2418:Botswana
2370:Pakistan
2360:Malaysia
1864:Scotland
1724:Inverted
1688:Recovery
1257:15 April
1151:See also
834:journals
820:Glossary
771:Stiglitz
736:Rothbard
716:Buchanan
701:Friedman
691:Koopmans
681:Leontief
661:Robinson
546:Marshall
450:Notable
398:Regional
374:Planning
349:Monetary
279:Feminist
224:Cultural
219:Business
24:a series
22:Part of
2438:Namibia
2026:1887–88
1968:1860–61
1959:1853–54
1950:1845–46
1921:1833–34
1918:1828–29
1909:1822–23
1859:England
1751:Rolling
1637:Chronic
988:sectors
840:Schools
832: (
791:Piketty
786:Krugman
651:Kuznets
641:Kalecki
616:Polanyi
506:Cournot
501:Bastiat
486:Ricardo
476:Malthus
466:Quesnay
438:Welfare
408:Service
79:Applied
55:Outline
50:History
2463:Zambia
2423:Canada
2413:Belize
2350:Canada
2315:(2001)
2291:Canada
2238:Canada
2117:Canada
1788:Supply
1783:Demand
1756:Shapes
1746:Global
1656:demand
1581:Supply
1470:
1222:
976:Causes
776:Thaler
756:Ostrom
751:Becker
746:Sowell
726:Baumol
631:Myrdal
626:Sraffa
621:Frisch
611:Knight
606:Keynes
581:Fisher
576:Veblen
561:Pareto
541:Menger
536:George
531:Jevons
526:Walras
516:Gossen
384:Public
379:Policy
334:Labour
299:Health
156:Market
2428:India
2355:India
2122:India
1778:Shock
1596:Model
1247:(PDF)
813:Lists
781:Hoppe
766:Lucas
731:Solow
721:Arrow
711:Simon
676:Lange
671:Hicks
646:Röpke
636:Hayek
586:Pigou
556:Clark
471:Smith
433:Urban
413:Socio
403:Rural
103:Macro
99:Micro
60:Index
2168:1945
1900:1812
1564:and
1560:and
1488:link
1468:ISBN
1324:2011
1259:2012
1220:ISBN
968:and
797:more
521:Marx
511:Mill
496:List
761:Sen
481:Say
339:Law
2482::
1484:}}
1480:{{
1427:.
1340:.
1299:.
1281:.
1267:^
1249:.
1234:^
1206:^
1178:^
910:A
101:/
26:on
2262:/
1991:/
1938:/
1881:/
1722:/
1654:/
1630:/
1579:/
1550:e
1543:t
1536:v
1519:.
1490:)
1476:.
1344:.
1326:.
1261:.
1228:.
899:e
892:t
885:v
836:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
