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That seems logical and correct and right to me. I think the basic Keynesian örnek is best described in simple terms that way. The inventory adjustment is a real world first derivative adjustment to that mostra.
If you do, then the government is using its future power of taxation to create a new asset called "deferred revenue," which it güç set off against its new liability, leaving its safi assets unchanged. It's like when someone borrows money to buy stock on margin: they haven't reduced their savings, they've merely added an offsetting asset and liability to their balance sheet. In that case, government savings (or rather dissavings) is unaffected by the stimulus. If you don't believe in Ricardian Equivalence, then yes, the deficit does need to be financed, but...
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Arteries carry oxygenated blood away from the heart to the tissues of the body. Veins carry blood depleted of oxygen from the same tissues back to the heart. The arteries are the vessels with the "pulse," a rhythmic pushing of the blood in the heart followed by a refilling of the heart chamber.
I think inventories *have* to be in there. Without signals provided by changing prices, how do firms know they want to expand production unless they find themselves doing unexpected inventory disinvestment?
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That's the "real" story, but I understand Professor Fama to be telling a financial story rather than a "real" one. He uses words like "funds" that have meaning only in a financial world.
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