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is known as one of the top economists in the world. He has a Ph. D. from Columbia University, won a Noble Memorial Prize in economics and has also been awarded many honorary degrees by other Universities in the United States. As you can tell ....

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... explanation was something like this; in a normal economy, there is a high level of employment, and everyone is spending their earnings as usual. This means there is a circular flow of money in the economy, as my spending becomes part of your earnings, and your spending becomes part of my earnings. Suppose something happens to alter consumers confidence in the economy. Worried consumers may then try to weather the coming economic hardship by saving their money, but because my spending is part of your earnings, my decision to hoard money makes things worse for you and you, responding to your own difficult times, will start hoarding money ...