Debt Economics: The Need to Include it as Part of Basic Economic Instruction And/Or Curricula
24 Pages Posted: 19 Aug 2003
Date Written: July 24, 2003
Abstract
Over the past four decades, the growth of the economy has been increasingly dependent on the use of private debt to stimulate consumer buying and create the necessary incentives for building additional productive capacity and increased speculative activity. The purpose of this article is to discuss the impact which debt, especially mortgage and consumer debt, is having on economic growth, to emphasize the increasing need to include debt economics as part of our basic economic instruction and/or curricula, and to suggest a few principles and relationships that might be considered as a starting point to include in a section or chapter on debt economics for our basic economic textbooks.
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