{"id":171,"date":"2010-10-30T23:46:36","date_gmt":"2010-10-31T06:46:36","guid":{"rendered":"http:\/\/www.halepassage.org\/?p=171"},"modified":"2010-11-01T13:32:35","modified_gmt":"2010-11-01T20:32:35","slug":"accounting-is-so-inflexible","status":"publish","type":"post","link":"http:\/\/www.halepassage.org\/?p=171","title":{"rendered":"Accounting is so inflexible"},"content":{"rendered":"<p><a href=\"http:\/\/krugman.blogs.nytimes.com\/2010\/10\/30\/accounting-identities\/\" target=\"_blank\">Paul Krugman points out<\/a> why if some people pay down their debt by spending less than their income, others must spend more than their income to prevent the world&#8217;s economy from declining.\u00c2\u00a0 It&#8217;s a simple accounting identity: &#8220;<em>for the world as a whole, spending = income<\/em>&#8220;.\u00c2\u00a0 If the second group doesn&#8217;t increase their spending accordingly, aggregate income drops until the identity is satisfied.\u00c2\u00a0 Krugman&#8217;s <a href=\"http:\/\/www.nytimes.com\/2010\/11\/01\/opinion\/01krugman.html?_r=1&amp;partner=rssnyt&amp;emc=rss\" target=\"_blank\">Monday column<\/a> expands on this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman points out why if some people pay down their debt by spending less than their income, others must spend more than their income to prevent the world&#8217;s economy from declining.\u00c2\u00a0 It&#8217;s a simple accounting identity: &#8220;for the world &hellip; <a href=\"http:\/\/www.halepassage.org\/?p=171\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-171","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.halepassage.org\/index.php?rest_route=\/wp\/v2\/posts\/171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.halepassage.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.halepassage.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.halepassage.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.halepassage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=171"}],"version-history":[{"count":0,"href":"http:\/\/www.halepassage.org\/index.php?rest_route=\/wp\/v2\/posts\/171\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.halepassage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.halepassage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=171"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.halepassage.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}