DEBT AND LENDING: A CRI DE COEUR
Wynne Godley and
Economics Policy Note Archive from Levy Economics Institute
Many papers published by the Levy Institute during the last few years have emphasized that the U.S. economy has relied too much on the growth of lending to the private sector, most particularly to the personal sector, to offset the negative effect on aggregate demand of the growing current account deficit. Moreover, this growth in lending cannot continue indefinitely.
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