Tomorrow in class we'll be talking about budget deficits. As Ireland's budget deficit is financed through borrowing, it make sense to talk about debt. Here's little known indie economist Paul Krugman on the subject of debt.
"The key thing to bear in mind is that for the world as a whole, spending equals income. If one group of people — those with excessive debts — is forced to cut spending to pay down its debts, one of two things must happen: either someone else must spend more, or world income will fall."