Friday, May 18, 2018

Equilibrium, Income, Expenditures

One of the earliest works on Economics, debatably attributed to Aristotle, reflects the literal meaning of the term, 'household management'--micro-Economic in scope, emphasis on management and organization, and non-quantificational.  One principle that it espouses that is relevant to Modern Economics is Equilibrium--applied to the relation between income and expenditure.  So, the author of that work might strongly disapprove of the centrality in its descendants of borrowing and lending.

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