Debt levels impact economic growth from "summary" of House of Debt by Atif Mian,Amir Sufi
Atif Mian and Amir Sufi argue that the level of debt in an economy has a significant impact on its overall economic growth. When households and businesses have high levels of debt, they are more likely to cut back on spending in order to reduce their debt burden. This reduction in spending can lead to a decrease in economic growth as businesses see lower demand for their goods and services.
Furthermore, high levels of debt can also make consumers more vulnerable to economic shocks, such as job losses or decreases in income. When consumers have high levels of debt, they are less able to weather these shocks and are more likely to default on their debt payments. This can lead to a dec...
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