The Fallacy of Composition maintains that the logic of the whole does not necessarily follow the logic of the parts. In our class we have witnessed how the macro-logic of the system contradicts what one would suspect from a micro-view of (1) the attempt of individuals to increase savings,(2) the monopolistic character of the system versus the firm in generating more profit, (3) wages and their relationship to costs and revenues, (4 imports and their relationship to aggregate profits and offshoring costs to the firm, and the (5) “call” provisions ensuring banks and stock brokers against undue loses during a stock market crash. Discuss the Fallacy of Composition in reference to the 5 items listed.
After, Discuss the Keynesian multiplier analysis and the ways and means that the Federal Reserve influences the money stock through the injection of Base money. Then compare the Keynesian multiplier and the stimulatory effects of government spending and taxing, with the monetary view that control of the money stock can alter the direction of the economy if not control it.
Lastly, Discuss the concept of ‘Leverage” and show how it can (and has) amplified speculative bubbles in stocks and housing.
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