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View Diary: Morning Feature: Animal Spirits, Part II - Recession, Banking, Unemployment, Inflation (94 comments)

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  •  Delayed gratification ... (2+ / 0-)
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    Orinoco, winterbanyan

    ... is an important element of economic theory.  In most cases it's more economical to save rather than borrow, and to buy quality (even at a price premium) when you can.  Both require a tolerance for delayed gratification.

    As for lower wage expectations, is not a standard of living problem when prices are falling, which is when Akerlof and Shiller say it's most necessary.

    Good morning! ::huggggggggggs::

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