About the author -- Tables, figures and boxes -- Tables -- 2.1 Anticipations of the housing crisis and recession -- 3.1 'Utils' and change in utils from consuming bananas -- 3.2 Utils arising from the consumption of two commodities -- 3.3 The commodities in Sippel's 'Revealed Preference'...

Samuelson's Multiplier-Accelerator model is based on the economic mistake of adding together desired investment and actual savings to derive aggregate expenditure, when it is the sum of actual investment and actual savings. Its fluctuations are not a model of the business cycle, but convergence...