The Devil’s Dictionary of Economics
Search For: (waste)
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| Waste |
Explains the severity and recalcitrance of recessions. In my 1999 book (quoted at length in Section VI of my 2004 paper), I write, “boom times are characterized by a transfer of capital from smaller companies to larger ones, and the big ones waste it. Also, while small businesses cannot get credit during a boom, home loans and car loans are easy to obtain, so a lot of capital is converted directly into consumer goods.” See Section X of my 2004 paper.
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