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Navigating Economic Cycles: Income vs. Credit
This chapter evaluates the shift from credit-driven economic cycles to income-driven expansions, contrasting current household financial stability with the pre-2008 borrowing patterns. It offers historical insights, drawing parallels between past economic events and today's conditions influenced by recent crises. The discussion further explores the implications of asset prices on consumption behaviors, urging caution as market expectations may lead to unforeseen recessionary pressures.