“The trade cycle is a purely monetary
phenomenon because general demand is
itself a monetary phenomenon.”
– R. G. Hawtrey
Do you know that all changes in the level of economic activity are nothing but reflections of changes in the flow of money? Hawtrey describes the trade cycle as a purely monetary phenomenon. TeorIE #2 discusses the phase of trade cycle, the transmission-mechanism, and critics toward this theory
For more information, visit bit.ly/TEORIE23072021
Salam,
Himiespa Developing Future Economists
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