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Looks really interesting, but in the first paragraph of the introduction: > A recession, for example, is a time when many people have decided to........express
by _edo 7y ago
Looks really interesting, but in the first paragraph of the introduction:
> A recession, for example, is a time when many people have decided to........express support for fiscally conservative government.
What? I'm not sure how this sentence is showing up below words like Yale and NBER at the top of this paper.
The overall idea that stories can drive recessions has clearly happened: a population buys in to the story that profits are derived from exploitation, they abolish profits, then a major recession hits as the economy ceases functioning.
He does touch upon the "profiteer" narrative as a possible source of the 1920 recession, but skips how that same basic narrative would play a major role in shaping the USSR.
He speaks of the narratives of the 2008 financial collapse, but only in terms of how people referenced The Great Depression. What about the narrative that everybody should be able to buy a house, which led to lower lending standards, which led to horrible practices on the back end to try and salvage the the bad loans being written, which led to a global recession.