Debt, default, and forgiveness have been at the heart of almost every major financial boom, bust, and recovery. Without debt, growth is nearly impossible. Yet too much debt is catastrophic. Why is it that out of all economic variables, debt causes the most trouble? In these lectures John Geanakoplos describes debt in history, in literature, and in economic theory, including his own theory of the leverage cycle, culminating in an explanation of the American mortgage crisis of 2007-2010 and the European sover
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