Seonglae ChoDept in Economic Machine
Credit Notion
The Most Important Part of the Economy and hard to understand
because is biggest and most variable part
debt allows us to more than we produce and less than we produce by cycle like this
small cycle is 5~8 years
big cycle is 75 ~100 years
most people feel the swings but they see them too up close so they do not consider them as cycle
swings is not dependent on productivity - on credit
how much credit they has
imagine no credit economy
only increase spending is to more work so global growth is increasing function
Because we Borrow, We Have Cycles
borrowing from your future self
anytime you borrow - you have cycl
Money is what you settle transactions with - credit is for make transaction
credit is necessarily something bad just cause cycle
bad credit is when finances over consumption that can't be pay back
good credit efficiently allocates resources and produces income → pay back the debt
buying tv is bad credit
buying tractor is good credit
돈을 갚을 수 있는 능력
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