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Pramod Kadambi wakes up every morning fearing the world has come to an end. He and his wife don't spend money on anything but essentials. Friends who have lost their jobs visit and cry. He sees war or revolution coming. Gold coins and guns are new additions to the household.
He's a professional earning more than a million dollars a year. That makes him the Obama administration's worst nightmare: someone who could help revive the nation's economy but instead has shut down his wallet in dread.
A key difference between the theories animating the work of Obama's economists and the theories behind the Levy-Kalecki formula are that the former assume people will act rationally in accordance with government prodding and the latter consider the possibility that people will freak out. Contrary to mainstream economics beliefs that people operate with perfect knowledge, Levy-Kalecki assumes that economic participants -- families, officials, workers, investors and executives -- grope about their lives in an atmosphere of uncertainty, develop false beliefs and make mistakes, especially when surprised.
Originally posted by FiatLux
So, what do you suggest?