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What is Fisher about?
The document discusses debt deflation theory, which posits that recessions and depressions can result from rising debt levels during deflation, causing defaults and falling asset prices that reduce bank lending and spending. Irving Fisher developed this theory after the 1929 crash and Great Depression. While John Maynard Keynes was familiar with the idea, he preferred his own liquidity preference theory. Debt deflation theory has since gained renewed interest, especially among post-Keynesian economists like
- Author
- yolac kivat
- Language
- EN