資產負債表經濟

Abstract

The development of Macroeconomic theory has come largely with a shift from a small competitively based system to a more modern oligopolistic type. Although economics has focused much attention on the income statement, the Balance sheet has been largely left out. It is my claim that the balance sheet is of utmost importance to the integration of theory and real world practice, especially in the non-competitive market. In this thesis I describe the shift from the competitive to the non-competitive marketplace. From there I give an explanation of the modern market in terms of effective demand. This leads to my final point, how the investments decisions that go into the effective demand model are made. As you would expect, I do this through use of the balance sheet. I conclude with recent data depicting the over-leveraged nature of the economy during the 2008 financial crisis, and how the ever-decreasing standards of investment led to a major contraction.