Boom, bust, and misery : the curse of capitalism -- History of the roller coaster -- How unstable is the American economy? -- The income gap -- The consumption gap -- The housing crisis -- Investment and profit -- The credit balloon and the financial crisis -- Government spending and taxes --...

This is a note on corruption and underground economy in a Kaldor-type model of the business cycle. It appears that when the economy is booming and underground activities seek to enter the official economy, bureaucrats have the upper hand but until underground businesses cannot tolerate...