457:
revenues lead to lower economic growth, understanding that the additional savings are used to create more capital to increase production. Once the new, more productive structure of capital has reorganized inside of the current structure, the real costs of production is reduced for most firms. Some criticisms argue that using accumulated capital to increase production is an act which requires spending, and therefore the
Austrian argument does not disprove the paradox. However, this confuses spending on capital goods with spending on consumer goods. The paradox only refers to saving by not spending on consumer goods and ignores the productive use of those savings.
357:
balance sheet deleveraging has spread to nearly every corner of the economy. Consumers are pulling back on purchases, especially on durable goods, to build their savings. Businesses are cancelling planned investments and laying off workers to preserve cash. And, financial institutions are shrinking assets to bolster capital and improve their chances of weathering the current storm. Once again, Minsky understood this dynamic. He spoke of the paradox of deleveraging, in which precautions that may be smart for individuals and firms—and indeed essential to return the economy to a normal state—nevertheless magnify the distress of the economy as a whole."
1663:
1653:
239:
consumption will so affect incomes that the attempt necessarily defeats itself. It is, of course, just as impossible for the community as a whole to save less than the amount of current investment, since the attempt to do so will necessarily raise incomes to a level at which the sums which individuals choose to save add up to a figure exactly equal to the amount of investment.
432:
partners consuming a greater amount relative to their own production, i.e., if the saving nation increases exports, and its partners increase imports. This criticism is not very controversial, and is generally accepted by
Keynesian economists as well, who refer to it as "exporting one's way out of a recession". They further note that this frequently occurs in concert with
226:... mere abstinence is not enough by itself to build cities or drain fens. ... If Enterprise is afoot, wealth accumulates whatever may be happening to Thrift; and if Enterprise is asleep, wealth decays whatever Thrift may be doing. Thus, Thrift may be the handmaiden of Enterprise. But equally she may not. And, perhaps, even usually she is not.
56:, the idea that what is true of the parts must always be true of the whole. The narrow claim transparently contradicts the fallacy, and the broad one does so by implication, because while individual thrift is generally averred to be good for the individual, the paradox of thrift holds that collective thrift may be bad for the economy.
456:
criticized the paradox in a 1929 article, "The 'Paradox' of
Savings", questioning the paradox as proposed by Foster and Catchings. Hayek, and later Austrian School economists agree that if a population saves more money, total revenues for companies will decline, but they deny the assertion that lower
238:
For although the amount of his own saving is unlikely to have any significant influence on his own income, the reactions of the amount of his consumption on the incomes of others makes it impossible for all individuals simultaneously to save any given sums. Every such attempt to save more by reducing
102:
This paradox can be explained by analyzing the place, and impact, of increased savings in an economy. If a population decides to save more money at all income levels, then total revenues for companies will decline. This decreased demand causes a contraction of output, giving employers and employees
367:
deficit or a by a foreign sector deficit which is equivalent to exports being higher than imports for the country analyzed. Therefore, there exists two types of possible equilibriums for a growing economy. Either the public sector is funding the growth of the private sector via a slight deficit or
356:
hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for more than a year. A process of
431:
Third, the paradox assumes a closed economy in which savings are not invested abroad (to fund exports of local production abroad). Thus, while the paradox may hold at the global level, it need not hold at the local or national level: if one nation increases savings, this can be offset by trading
414:
Two caveats are added to this criticism. Firstly, if savings are held as cash, rather than being loaned out (directly by savers, or indirectly, as via bank deposits), then loanable funds do not increase, and thus a recession may be caused – but this is due to holding cash, not to saving per se.
158:
As this prudent economy, which some people call Saving, is in private families the most certain method to increase an estate, so some imagine that, whether a country be barren or fruitful, the same method if generally pursued (which they think practicable) will have the same effect upon a whole
186:
Had the whole population been alike bent on saving, the total saved would positively have been much less, inasmuch as (other tendencies remaining the same) industrial paralysis would have been reached sooner or oftener, profits would be less, interest much lower, and earnings smaller and more
407:, particularly at banks, assuming the savings are held at banks, rather than currency itself being held ("stashed under one's mattress"). Thus an accumulation of savings yields an increase in potential lending, which will lower interest rates and stimulate borrowing. So a decline in
119:
While the paradox of thrift was popularized by Keynes, and is often attributed to him, it was stated by a number of others prior to Keynes, and the proposition that spending may help and saving may hurt an economy dates to antiquity; similar sentiments occur in the Bible verse:
98:
and assume that what seems to be good for an individual within the economy will be good for the entire population. However, exercising thrift may be good for an individual by enabling that individual to save for a "rainy day", and yet not be good for the economy as a whole.
391:
and the related circle of ideas, if demand slackens, prices will fall (barring government intervention), and the resulting lower price will stimulate demand (though at lower profit or cost – possibly even lower wages). This criticism in turn has been questioned by
51:
saving. The paradox is, narrowly speaking, that total saving may fall because of individuals' attempts to increase their saving, and, broadly speaking, that increase in saving may be harmful to an economy. The paradox of thrift is an example of the
289:): It is about saving by cut of expenses, which always leads to a revenue surplus of the individual, so to saving of money. But once the totality (in the meaning of every each) saves at expenses, the revenues of economy only decline.
423:
situations, when interest rates are at a zero lower bound (or near it) and savings still exceed investment demand. Within
Keynesian economics, the desire to hold currency rather than loan it out is discussed under
85:
component of saving, other things being equal, will move the equilibrium point, at which income equals output to a lower value, thereby inducing a decline in saving that may more than offset the original increase.
1699:
93:
as saving is beneficial to each individual but disadvantageous to the general population. This is a "paradox" because it runs contrary to intuition. Someone unaware of the paradox of thrift would fall into a
103:
lower income. Eventually the population's total saving will have remained the same or even declined because of lower incomes and a weaker economy. This paradox is based on the proposition, put forth in
634:: "A suggestion that a more equal distribution of income might be a remedy for general stagnation – and that excess saving can be harmful – is implicit in the quotation from the Old Testament on the
1692:
1685:
2603:
2608:
81:
The argument begins from the observation that in equilibrium, total income must equal total output. Assuming that income has a direct effect on saving, an increase in the
174:
economists of the 19th century, and the paradox of thrift in the strict sense that "collective attempts to save yield lower overall savings" was explicitly stated by
159:
nation, and that, for example, the
English might be much richer than they are, if they would be as frugal as some of their neighbours. This, I think, is an error.
2593:
755:
302:
The expenses decline of a partial group of economy actors can only lead to a revenue surplus if the complementary group does or accepts an expenses surplus.
2583:
560:
246:
436:(hence increasing exports and decreasing imports), and cannot work as a solution to a global problem, because the global economy is a closed system – not
2573:
167:
was referring to this passage when he wrote "What is prudence in the conduct of every private family can scarce be folly in that of a great
Kingdom."
2578:
1848:
1708:
1677:
2091:
1716:
631:
296:
For individual economic entities or a partial group of economy actors it is valid: the lower the expenses the higher the revenue surplus.
2451:
2398:
1099:
925:
2309:
1916:
1921:
1712:
1247:
2287:
2019:
2014:
2009:
2003:
801:
503:
2292:
1821:
928:
2540:
124:
There is that scattereth, and yet increaseth; and there is that withholdeth more than is meet, but it tendeth to poverty.
990:
2436:
1308:
565:
1277:
1114:
1039:
909:
325:, being called "the paradox of debt" – people save not to increase savings, but rather to pay down debt. As well, a
129:
686:
2282:
1533:
2641:
2500:
1707:
308:
A general decline of expenses always leads the totality to a decline of revenues and never to a revenue surplus.
2234:
837:
467:
2262:
1978:
1526:
533:
These two formulations are given in
Campbell R. McConnell (1960: 261–62), emphasis added: "By attempting to
2636:
2144:
1350:
2458:
2240:
2172:
1180:
950:
2515:
2490:
2345:
2340:
2299:
2267:
2054:
1972:
1302:
1242:
216:
Keynes distinguished between business activity/investment ("Enterprise") and savings ("Thrift") in his
1297:
2535:
2525:
2272:
1370:
1345:
1185:
666:
566:"Chapter 23. Notes on Merchantilism, the Usury Laws, Stamped Money and Theories of Under-consumption"
541:
is reduced. This phenomenon is called the paradox of thrift ... hrift, which has always been held in
415:
Secondly, banks themselves may hold cash, rather than loaning it out, which results in the growth of
2425:
2213:
1465:
353:
853:
763:
739:
2530:
2520:
2510:
2505:
2495:
2375:
2370:
2365:
1886:
1593:
1553:
1430:
1227:
1145:
1049:
1044:
983:
670:
393:
368:
its current account balance is positive and the country is a net exporter of goods and services.
2277:
2207:
2039:
1470:
1360:
497:
381:
330:
202:
95:
82:
53:
363:
analysis shows the effect of net savings by the private sector. It must either be funded by a
2463:
2446:
2441:
2430:
2393:
2388:
2382:
1993:
1962:
1860:
1628:
1613:
1588:
1583:
1511:
1455:
1435:
1340:
1175:
1069:
273:
The paradox of thrift formally can be well described as a circuit paradox using the terms of
145:
90:
61:
2029:
1874:
1633:
1618:
1608:
1573:
1521:
1450:
1365:
1237:
1232:
1155:
1150:
1079:
900:
433:
425:
377:
261:
8:
2128:
1983:
1891:
1843:
1811:
1792:
1395:
1355:
1319:
1252:
1119:
1089:
1084:
1054:
1019:
1014:
218:
104:
70:
66:
278:
2613:
2598:
2588:
2568:
2563:
2558:
2553:
2547:
1865:
1833:
1666:
1623:
1603:
1568:
1543:
1516:
1314:
1267:
1257:
1215:
1210:
1170:
1165:
1074:
1034:
976:
585:
397:
274:
151:
36:
2334:
2328:
2322:
1928:
1901:
1838:
1826:
1787:
1656:
1638:
1578:
1558:
1548:
1460:
1380:
1375:
1205:
1200:
1160:
1029:
905:
482:
408:
360:
206:
805:
2415:
2410:
2256:
2245:
1906:
1896:
1806:
1766:
1761:
1736:
1731:
1727:
1598:
1563:
1538:
1490:
1415:
1390:
1385:
1287:
1262:
958:
778:
597:
508:
171:
137:
40:
2484:
2474:
2224:
2165:
2160:
2154:
1746:
1506:
1485:
1480:
1440:
1282:
1272:
1109:
1104:
1094:
1059:
962:
954:
941:
871:
703:
682:
453:
449:
416:
326:
322:
282:
175:
170:
The problem of underconsumption and oversaving, as they saw it, was developed by
1773:
1751:
1445:
1420:
1410:
1405:
1335:
1135:
1024:
492:
420:
404:
338:
334:
318:
256:
2630:
2201:
2195:
2186:
2180:
2122:
2113:
2104:
2086:
2075:
2063:
2033:
1855:
1425:
1292:
1140:
651:
601:
411:
is offset by an increase in lending, and subsequent investment and spending.
364:
1945:
1938:
1933:
1802:
1797:
1741:
1222:
1195:
1190:
857:
841:
759:
743:
388:
349:
345:
44:
764:"Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach"
187:
precarious. This ... is no idle paradox, but the strictest economic truth.
154:, the title itself hinting at the paradox, and Keynes citing the passage:
2355:
1911:
1870:
1816:
1400:
826:
782:
487:
2139:
511:
on the subject of the relationships between spending, saving and labour
164:
1950:
1881:
1782:
1778:
477:
32:
968:
268:
472:
108:
419:– funds on deposit but not loaned out. This is argued to occur in
396:
economists, who reject Say's law and instead point to evidence of
65:, and similar sentiments date to antiquity. It was popularized by
1000:
28:
897:
348:
discussed the "Paradox of deleveraging" described by economist
947:
537:, society may create conditions under which the amount it can
341:
shock may lead not only to lower wages, but lower employment.
944:, by Clifford F. Thies, The Cato Journal, Volume 16, Number 1
1064:
802:"Federal Reserve-Janet Yellen-A Minsky Meltdown-April 2009"
628:
English, Irish and
Subversives Among the Dismal Scientists,
255:
The theory is referred to as the "paradox of thrift" in
701:
143:
Keynes himself notes the appearance of the paradox in
748:
561:
The
General Theory of Employment, Interest and Money
384:, criticize this theory on three principal grounds.
333:
have been proposed: A willingness to work more in a
247:
The
General Theory of Employment, Interest and Money
35:. The paradox states that an increase in autonomous
586:"A Neglected Early Statement the Paradox of Thrift"
344:During April 2009, U.S. Federal Reserve Vice Chair
754:
400:as a reason why prices do not fall in recession.
269:Paradox of thrift according to Balances Mechanics
2628:
898:Samuelson, Paul & Nordhaus, William (2005).
730:Mohr Siebeck, (2. Auflage) Tübingen 2011. S. 74.
136:which has found occasional use as an epigram in
403:The second criticism is that savings represent
317:The paradox of thrift has been related to the
1693:
984:
648:A Reply to Mr. Say’s Letters to Mr. Malthus,
443:
869:
584:Nash, Robert T.; Gramm, William P. (1969).
545:in our economy, now becomes something of a
1700:
1686:
1652:
991:
977:
847:
708:. Pollak Foundation for Economic Research
681:
583:
579:
577:
575:
573:
516:
380:, non-Keynesian economists, particularly
904:(18th ed.). New York: McGraw-Hill.
552:
387:The first criticism is that, following
59:It had been stated as early as 1714 in
2629:
827:http://www.auburn.edu/~garriro/cbm.htm
630:Noel Thompson, Nigel Allington, 2010,
570:
504:In Praise of Idleness and Other Essays
1681:
998:
972:
695:
265:of 1948, which popularized the term.
148:: or, Private Vices, Publick Benefits
728:Volkswirtschaftliche Saldenmechanik.
312:
230:He stated the paradox of thrift in
13:
2004:British credit crisis of 1772–1773
1309:What the Tortoise Said to Achilles
965:critique of the paradox of thrift)
771:The Quarterly Journal of Economics
277:developed by the German economist
14:
2653:
1717:Commonwealth of Nations countries
919:
440:nation can increase net exports.
1662:
1661:
1651:
948:Consumers don't cause recessions
872:"Hayek on the Paradox of Saving"
838:The paradox of thrift — for real
201:Similar ideas were forwarded by
1713:recessions in the United States
935:
926:The paradox of thrift explained
863:
831:
819:
794:
733:
720:
702:William Trufaut Foster (1926).
654:, uses the verse as an epigram.
618:section for further discussion.
675:
657:
641:
621:
608:
527:
468:Capitol Hill Babysitting Co-op
76:
69:and is a central component of
1:
371:
337:and wage flexibility after a
89:In this form it represents a
615:
590:History of Political Economy
7:
2459:1997 Asian financial crisis
2092:Civil War-era United States
535:increase its rate of saving
460:
10:
2658:
2235:Post–World War I recession
2055:Post-Napoleonic Depression
942:The Paradox of Thrift: RIP
870:kanopiadmin (2007-12-06).
114:
2473:
2409:
2354:
2308:
2223:
2145:2nd Industrial Revolution
2138:
2085:
2078:(1836–1838 and 1839–1843)
1994:1st Industrial Revolution
1992:
1961:
1762:Price-and-wage stickiness
1723:
1647:
1499:
1328:
1128:
1007:
825:See section 9.9 and 9.11
444:Austrian School criticism
47:which will in turn lower
2426:1990s United States boom
2214:Financial crisis of 1914
602:10.1215/00182702-1-2-395
2241:Depression of 1920–1921
2173:Depression of 1882–1885
2087:Early Victorian Britain
1822:Real and nominal values
1228:Paradoxes of set theory
382:neoclassical economists
43:and thus a decrease in
39:leads to a decrease in
2642:Paradoxes in economics
2346:Recession of 1969–1970
2341:Recession of 1960–1961
2300:Recession of 1937–1938
517:References and sources
498:Tragedy of the commons
331:paradox of flexibility
253:
228:
203:William Trufant Foster
199:
180:The Fallacy of Saving,
161:
134:
96:fallacy of composition
54:fallacy of composition
2464:Early 2000s recession
2431:Early 1990s recession
2383:Early 1980s recession
1963:Commercial revolution
1861:Nominal interest rate
705:The Dilemma of Thrift
688:The Fallacy of Saving
664:Studies in economics,
354:massive credit crunch
244:John Maynard Keynes,
236:
224:
211:The Dilemma of Thrift
194:The Fallacy of Saving
184:
156:
146:The Fable of the Bees
122:
107:, that many economic
62:The Fable of the Bees
2030:Copper Panic of 1789
1594:Kavka's toxin puzzle
1366:Income and fertility
762:(14 February 2011),
756:Eggertsson, Gauti B.
434:currency devaluation
426:liquidity preference
378:mainstream economics
16:Paradox in economics
2637:Keynesian economics
2366:1973–1975 recession
2310:Post–WWII expansion
1984:Great Frost of 1709
1812:Neutrality of money
1793:Classical dichotomy
1709:Economic expansions
1253:Temperature paradox
1176:Free choice paradox
1040:Fitch's knowability
860:, November 24, 2010
192:John M. Robertson,
172:underconsumptionist
138:underconsumptionist
105:Keynesian economics
71:Keynesian economics
67:John Maynard Keynes
2548:COVID-19 recession
2208:Panic of 1910–1911
2040:Panic of 1796–1797
1866:Real interest rate
1834:Economic expansion
1629:Prisoner's dilemma
1315:Heat death paradox
1303:Unexpected hanging
1268:Chicken or the egg
953:2009-04-29 at the
931:from the original.
783:10.1093/qje/qjs023
726:Wolfgang Stützel:
683:Robertson, John M.
275:Balances Mechanics
250:, Chapter 7, p. 84
232:The General Theory
152:Bernard Mandeville
111:are demand-based.
91:prisoner's dilemma
2624:
2623:
2335:Recession of 1958
2329:Recession of 1953
2323:Recession of 1949
2020:Thirteen Colonies
1827:Velocity of money
1757:Paradox of thrift
1675:
1674:
1346:Arrow information
854:Devaluing History
740:Paradox of thrift
483:List of paradoxes
409:consumer spending
361:Sectoral Balances
294:Partial sentence:
219:Treatise on Money
207:Waddill Catchings
178:in his 1892 book
176:John M. Robertson
25:paradox of saving
21:paradox of thrift
2649:
2416:Great Regression
2411:Great Moderation
2257:Great Depression
2246:Roaring Twenties
1767:Underconsumption
1737:Effective demand
1728:Aggregate demand
1702:
1695:
1688:
1679:
1678:
1665:
1664:
1655:
1654:
1466:Service recovery
1320:Olbers's paradox
1020:Buridan's bridge
993:
986:
979:
970:
969:
959:Robert P. Murphy
915:
886:
885:
883:
882:
867:
861:
851:
845:
835:
829:
823:
817:
816:
814:
813:
804:. Archived from
798:
792:
791:
790:
789:
777:(3): 1469–1513,
768:
752:
746:
737:
731:
724:
718:
717:
715:
713:
699:
693:
692:
679:
673:
661:
655:
645:
639:
636:Reply to Mr. Say
625:
619:
612:
606:
605:
581:
568:
556:
550:
531:
509:Bertrand Russell
313:Related concepts
306:Global sentence:
279:Wolfgang Stützel
251:
209:in the 1920s in
197:
163:Keynes suggests
132:
41:aggregate demand
2657:
2656:
2652:
2651:
2650:
2648:
2647:
2646:
2627:
2626:
2625:
2620:
2485:Great Recession
2477:
2475:Information Age
2469:
2418:
2414:
2405:
2358:
2356:Great Inflation
2350:
2312:
2304:
2227:
2225:Interwar period
2219:
2155:Long Depression
2147:
2143:
2134:
2094:
2090:
2081:
1996:
1988:
1965:
1957:
1922:U.S. recessions
1917:U.K. recessions
1849:U.S. expansions
1719:
1706:
1676:
1671:
1643:
1554:Decision-making
1500:Decision theory
1495:
1324:
1248:Hilbert's Hotel
1181:Grelling–Nelson
1124:
1003:
997:
963:Austrian School
955:Wayback Machine
938:
922:
912:
889:
880:
878:
876:Mises Institute
868:
864:
852:
848:
836:
832:
824:
820:
811:
809:
800:
799:
795:
787:
785:
766:
753:
749:
738:
734:
725:
721:
711:
709:
700:
696:
680:
676:
662:
658:
646:
642:
626:
622:
613:
609:
582:
571:
557:
553:
532:
528:
519:
514:
463:
454:Friedrich Hayek
450:Austrian School
446:
417:excess reserves
374:
327:paradox of toil
323:economic crises
315:
300:Size mechanics:
271:
252:
243:
198:
191:
133:
128:
117:
79:
17:
12:
11:
5:
2655:
2645:
2644:
2639:
2622:
2621:
2619:
2618:
2617:
2616:
2611:
2606:
2604:United Kingdom
2601:
2596:
2591:
2586:
2581:
2576:
2571:
2566:
2561:
2556:
2545:
2544:
2543:
2538:
2536:United Kingdom
2533:
2528:
2523:
2518:
2513:
2508:
2503:
2498:
2493:
2481:
2479:
2478:(2007–present)
2471:
2470:
2468:
2467:
2461:
2456:
2455:
2454:
2449:
2447:United Kingdom
2444:
2439:
2428:
2422:
2420:
2407:
2406:
2404:
2403:
2402:
2401:
2396:
2394:United Kingdom
2391:
2380:
2379:
2378:
2373:
2371:United Kingdom
2362:
2360:
2352:
2351:
2349:
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1100:Rule-following
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1025:Dream argument
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844:, July 7, 2009
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596:(2): 395–400.
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500:
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493:Vicious circle
490:
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445:
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421:liquidity trap
405:loanable funds
373:
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339:debt deflation
335:liquidity trap
319:debt deflation
314:
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287:Saldenmechanik
270:
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130:Proverbs 11:24
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2202:Panic of 1907
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2196:Panic of 1901
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2187:Panic of 1893
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2181:Baring crisis
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2114:Panic of 1857
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2105:Panic of 1847
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2034:Panic of 1792
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2018:
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2013:
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2007:
2006:
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1599:Morton's fork
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1539:Buridan's ass
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1512:Apportionment
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1186:Kleene–Rosser
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1110:Theseus' ship
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1096:
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1071:
1070:Mere addition
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1018:
1016:
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1008:Philosophical
1006:
1002:
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911:0-07-123932-4
907:
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891:
890:
877:
873:
866:
859:
855:
850:
843:
839:
834:
828:
822:
808:on 2013-01-05
807:
803:
797:
784:
780:
776:
772:
765:
761:
760:Krugman, Paul
757:
751:
745:
741:
736:
729:
723:
707:
706:
698:
690:
689:
684:
678:
672:
668:
667:William Smart
665:
660:
653:
652:John Cazenove
649:
644:
637:
633:
629:
624:
617:
611:
603:
599:
595:
591:
587:
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578:
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567:
563:
562:
555:
548:
544:
540:
539:actually save
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429:
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418:
412:
410:
406:
401:
399:
398:sticky prices
395:
394:New Keynesian
390:
385:
383:
379:
369:
366:
365:public sector
362:
358:
355:
352:: "Once this
351:
347:
342:
340:
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328:
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320:
307:
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196:, pp. 131–132
195:
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72:
68:
64:
63:
57:
55:
50:
46:
42:
38:
34:
30:
26:
22:
2526:South Africa
2283:South Africa
2129:Black Friday
1946:Unemployment
1803:Money supply
1798:Disinflation
1756:
1742:General glut
1619:Preparedness
1475:
1451:Productivity
1431:Mandeville's
1223:Opposite Day
1151:Burali-Forti
1146:Bhartrhari's
899:
879:. Retrieved
875:
865:
858:Paul Krugman
849:
842:Paul Krugman
833:
821:
810:. Retrieved
806:the original
796:
786:, retrieved
774:
770:
750:
744:Paul Krugman
735:
727:
722:
710:. Retrieved
704:
697:
687:
677:
663:
659:
647:
643:
635:
627:
623:
610:
593:
589:
559:
554:
547:social vice.
546:
542:
538:
534:
529:
502:
447:
437:
430:
413:
402:
386:
375:
359:
350:Hyman Minsky
346:Janet Yellen
343:
316:
305:
299:
293:
286:
272:
260:
259:influential
254:
245:
237:
231:
229:
225:
217:
215:
210:
200:
193:
185:
179:
169:
162:
157:
144:
142:
135:
123:
118:
101:
88:
80:
60:
58:
48:
45:gross output
24:
20:
18:
2594:New Zealand
2552:2020–2022;
2516:New Zealand
2489:2007–2009;
2435:1990–1991;
2419:(1982–2007)
2387:1980–1982;
2359:(1973–1982)
2337:(1957–1958)
2331:(1953–1954)
2325:(1948–1949)
2313:(1945–1973)
2278:New Zealand
2261:1929–1939;
2237:(1918–1919)
2228:(1918–1939)
2210:(1910–1912)
2204:(1907–1908)
2198:(1902–1904)
2189:(1893–1897)
2183:(1890–1891)
2159:1873–1879;
2148:(1870–1914)
2131:(1869–1870)
2125:(1865–1867)
2116:(1857–1858)
2107:(1847–1848)
2095:(1840–1870)
2066:(1825–1826)
2057:(1815–1821)
2042:(1796–1799)
2036:(1789–1793)
2008:1772–1774;
1997:(1760–1840)
1975:(1430–1490)
1973:Great Slump
1966:(1000–1760)
1912:Stagflation
1871:Yield curve
1817:Price level
1549:Condorcet's
1401:Giffen good
1361:Competition
1115:White horse
1090:Omnipotence
543:high esteem
488:Social trap
257:Samuelson's
77:The paradox
2631:Categories
2559:Bangladesh
2496:Bangladesh
2140:Gilded Age
1892:Depression
1844:Stagnation
1624:Prevention
1614:Parrondo's
1604:Navigation
1589:Inventor's
1584:Hedgehog's
1544:Chainstore
1527:Population
1522:New states
1456:Prosperity
1436:Mayfield's
1278:Entailment
1258:Barbershop
1171:Epimenides
936:Criticisms
881:2019-11-06
812:2012-07-04
788:2011-12-15
522:References
452:economist
372:Criticisms
321:theory of
165:Adam Smith
150:(1714) by
140:writings.
83:autonomous
2599:Singapore
2554:Australia
2531:Sri Lanka
2491:Australia
2437:Australia
2263:Australia
2253:1926–1927
2250:1923–1924
2216:(1913–14)
2192:1899–1900
2048:1807–1810
2045:1802–1804
2026:1785–1788
1951:Sahm rule
1882:Recession
1783:Inflation
1779:Deflation
1639:Willpower
1634:Tolerance
1609:Newcomb's
1574:Fredkin's
1461:Scitovsky
1381:Edgeworth
1376:Easterlin
1341:Antitrust
1238:Russell's
1233:Richard's
1206:Pinocchio
1161:Crocodile
1080:Newcomb's
1050:Goodman's
1045:Free will
1030:Epicurean
1001:paradoxes
901:Economics
712:8 January
478:Frugality
389:Say's law
262:Economics
182:writing:
109:downturns
33:economics
2584:Malaysia
2569:Botswana
2521:Pakistan
2511:Malaysia
2015:Scotland
1875:Inverted
1839:Recovery
1667:Category
1564:Ellsberg
1416:Leontief
1396:Gibson's
1391:European
1386:Ellsberg
1356:Braess's
1351:Bertrand
1329:Economic
1263:Catch-22
1243:Socratic
1085:Nihilism
1055:Hedonism
1015:Analysis
999:Notable
951:Archived
929:Archived
685:(1892).
669:, 1895,
558:Keynes,
473:Degrowth
461:See also
242:—
234:, 1936:
222:(1930):
190:—
127:—
2589:Namibia
2177:1887–88
2119:1860–61
2110:1853–54
2101:1845–46
2072:1833–34
2069:1828–29
2060:1822–23
2010:England
1902:Rolling
1788:Chronic
1569:Fenno's
1534:Arrow's
1517:Alabama
1507:Abilene
1486:Tullock
1441:Metzler
1283:Lottery
1273:Drinker
1216:Yablo's
1211:Quine's
1166:Curry's
1129:Logical
1105:Sorites
1095:Preface
1075:Moore's
1060:Liberal
1035:Fiction
892:Sources
616:history
376:Within
115:History
29:paradox
27:) is a
2614:Zambia
2574:Canada
2564:Belize
2501:Canada
2466:(2001)
2442:Canada
2389:Canada
2268:Canada
1939:Supply
1934:Demand
1907:Shapes
1897:Global
1807:demand
1732:Supply
1476:Thrift
1446:Plenty
1421:Lerner
1411:Jevons
1406:Icarus
1336:Allais
1298:Ross's
1136:Barber
1120:Zeno's
1065:Meno's
908:
671:p. 249
632:p. 122
329:and a
283:German
37:saving
2579:India
2506:India
2273:India
1929:Shock
1747:Model
1579:Green
1559:Downs
1491:Value
1426:Lucas
1293:Raven
1201:No-no
1156:Court
1141:Berry
767:(PDF)
438:every
49:total
2319:1945
2051:1812
1715:and
1711:and
1657:List
1481:Toil
1196:Card
1191:Liar
961:(an
906:ISBN
714:2013
614:See
448:The
205:and
23:(or
19:The
957:by
779:doi
775:127
650:by
598:doi
31:of
2633::
874:.
856:,
840:,
773:,
769:,
758:;
742:,
638:."
592:.
588:.
572:^
564:,
428:.
285::
213:.
73:.
2413:/
2142:/
2089:/
2032:/
1873:/
1805:/
1781:/
1730:/
1701:e
1694:t
1687:v
1311:"
1307:"
992:e
985:t
978:v
914:.
884:.
815:.
781::
716:.
691:.
604:.
600::
594:1
549:"
281:(
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