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household debt - social, political and economic - Coggle Diagram
household debt - social, political and economic
neoclassical intertemporal model
consumption
income
acess to credit
interest rates - when to borrow when to consume
drawbacks
assumptions
perfect capital markets
certainty vs uncertainty
wage stagnation
factors effecting inequality
education
acess to jobs
social factors - race, sex, gender
technology - AI
housing
cost of living
governance - corruption - laws - marginalisation
trade - globalisation - foreign investment
policy implictions
borrowing costs
long-run growth
debt-traps
intergenerationsl
safe credit - consumer protection laws
progressive taxation
pay-day and sub-prime high interest loans
sustainable credit
other schools of thought
behavioural
consumers arent rational
limited information
cognitive limitations
time
post-keynesian
uncertainty
liquidity preference
full employment (spare capacity)
institutions
marxist
workers class - capitalist or worker
save or borrow determined by class
underconsumption / overproduction