ECN 211 Lecture Notes - Lecture 13: Irving Fisher, Robert Heilbroner
Document Summary
Economic fluctuations: economic fluctuations, the shift from a strong expansion to a serious recession can occur rather suddenly, recessions and the resulting slumps don"t last forever. The recession phase can be relatively brief. Slumps can be long and painful: recessions, output declines, occasionally sharply, employment falls, expansions, output rises faster than potential output, employment rises, employment and output move very close together. Late 1920"s: wages, rents, profits, interest = billion. John raskob, chairman of the democratic party: everybody ought to be rich article. If a man saves a week and invests in good stocks, at then end of the twenty years he will have at least ,000 and an income from investments of around a month. He will be rich : the only question in most people"s minds was why they had never thought of it before .
