by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
April 3, 2014
Image by LEOL30 via Flickr
Part P in the Insider’s Economic Dictionary.
Panic: The abrupt culminating stage of the business cycle, in which inflated asset prices collapse in price as financial securities and properties are sold to pay off debts.
Parallel Universe: The objective of modern economic methodology. A hypothetical exercise in science fiction depicting a world that conceivably could exist, given a sufficient number of internally consistent assumptions. (See Neoclassical Economics.) Continue reading
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