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Pastimes : Ask Mohan about the Market
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To: Cynic 2005 who wrote (11647)12/16/1997 2:25:00 PM
From: George Acton  Read Replies (2) of 18056
 
Mohan >>the "save more/spend less/borrow less" culture of most Asian nations
will make this crisis not big of a deal.

This isn't clearly true. Keynes's diagnosis of the Great Depression was
that an economy can get into a state of low consumption, high saving and
low investment and the normal market forces won't rescue it. One of
the reasons he's controversial is that morally virtuous behavior at
individual level adds up to a destructive effect at the level of the
whole economy. Some of the Asian countries may get into this trap in
their domestic economies. The frugality and self-reliance of a
country like Korea is something we have to admire, but virtues can
sometimes turn into liabilities.
--George Acton
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