{"id":2588,"date":"2026-09-23T06:00:02","date_gmt":"2026-09-22T22:00:02","guid":{"rendered":"https:\/\/capitalism.mn\/?p=2588"},"modified":"2026-09-23T11:04:41","modified_gmt":"2026-09-23T03:04:41","slug":"%d1%85%d2%af%d2%af%d0%b3%d0%b8%d0%b9%d0%bd-%d1%82%d2%af%d0%b2%d1%88%d0%b8%d0%bd","status":"publish","type":"post","link":"https:\/\/capitalism.mn\/?p=2588","title":{"rendered":"\u0425\u04af\u04af\u0433\u0438\u0439\u043d \u0442\u04af\u0432\u0448\u0438\u043d"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2588\" class=\"elementor elementor-2588\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cbdcf31 e-con e-atomic-element e-flexbox-base e-1ca4c37 \" data-id=\"cbdcf31\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"cbdcf31\" data-e-type=\"e-flexbox\" data-id=\"cbdcf31\">\n    \t\t<div class=\"elementor-element elementor-element-0f4f75e elementor-widget 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\u043e\u0440\u0443\u0443\u043b\u0430\u043b\u0442 (malinvestment) \u044e\u043c: \u04e9\u04e9\u0440\u04e9\u04e9\u0440 \u0445\u044d\u043b\u0431\u044d\u043b, \u0437\u04e9\u0432\u0445\u04e9\u043d \u0437\u043e\u0445\u0438\u043e\u043c\u043b\u043e\u043e\u0440 \u0445\u044f\u043c\u0434\u0440\u0443\u0443\u043b\u0441\u0430\u043d \u0445\u04af\u04af\u0433\u0438\u0439\u043d \u043d\u04e9\u0445\u0446\u04e9\u043b\u0434 \u043b \u0430\u0448\u0438\u0433\u0442\u0430\u0439 \u043c\u044d\u0442 \u0445\u0430\u0440\u0430\u0433\u0434\u0430\u0445, \u044d\u0446\u0441\u0438\u0439\u043d \u0434\u04af\u043d\u0434\u044d\u044d \u0431\u043e\u0434\u0438\u0442 \u0431\u0430\u0439\u0434\u0430\u043b\u0442\u0430\u0439 \u043d\u04af\u04af\u0440 \u0442\u0443\u043b\u0430\u0430\u0434 \u0434\u0430\u043c\u043f\u0443\u0443\u0440\u0430\u0445 \u0442\u04e9\u0441\u043b\u04af\u04af\u0434 \u0440\u04af\u04af \u043d\u04e9\u04e9\u0446 \u0431\u0430\u044f\u043b\u0430\u0433 \u0446\u0443\u0442\u0433\u0430\u043d \u043e\u0440\u0441\u043e\u043d \u0445\u044d\u0440\u044d\u0433.<\/p><p>\u0422\u0430 \u04af\u04af\u043d\u0438\u0439 \u0442\u04e9\u043b\u04e9\u04e9\u0441\u0438\u0439\u0433 \u0445\u043e\u0451\u0440 \u0434\u0430\u0445\u0438\u043d \u0442\u04e9\u043b\u0434\u04e9\u0433. \u042d\u0445\u043b\u044d\u044d\u0434 \u0437\u044d\u044d\u043b\u0438\u0439\u043d \u0442\u044d\u043b\u044d\u043b\u0442\u044d\u044d\u0441 \u04af\u04af\u0434\u044d\u043b\u0442\u044d\u0439 \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u0430\u0440 \u0434\u0430\u043c\u0436\u0443\u0443\u043b\u0430\u043d \u0445\u0443\u0434\u0430\u043b\u0434\u0430\u043d \u0430\u0432\u0430\u0445 \u0447\u0430\u0434\u0432\u0430\u0440\u0430\u0430 \u04af\u043d\u044d\u0433\u04af\u0439\u0434\u04af\u04af\u043b\u0436 \u0442\u04e9\u043b\u0434\u04e9\u0433. \u0414\u0430\u0440\u0430\u0430 \u043d\u044c, \u0442\u044d\u0440\u0445\u04af\u04af \u0441\u04af\u0439\u0440\u043b\u0438\u0439\u043d \u0445\u043e\u0433 \u0445\u0430\u044f\u0433\u0434\u043b\u044b\u0433 \u0446\u044d\u0432\u044d\u0440\u043b\u044d\u0445 \u044d\u0434\u0438\u0439\u043d \u0437\u0430\u0441\u0433\u0438\u0439\u043d \u0445\u044f\u043c\u0440\u0430\u043b\u0430\u0430\u0440 (recession) \u0434\u0430\u043c\u0436\u0443\u0443\u043b\u0430\u043d \u0430\u0436\u043b\u044b\u043d \u0431\u0430\u0439\u0440, \u0445\u0430\u0434\u0433\u0430\u043b\u0430\u043c\u0436, \u043e\u043b\u043e\u043d \u0436\u0438\u043b\u0438\u0439\u043d \u0448\u0443\u0434\u0430\u0440\u0433\u0430 \u04e9\u0441\u04e9\u043b\u0442\u0438\u0439\u043d\u0445\u04e9\u04e9 \u04af\u0440 \u0448\u0438\u043c\u044d\u044d\u0440 \u0442\u04e9\u043b\u0434\u04e9\u0433.<\/p><p>\u0417\u044d\u044d\u043b\u0434\u044d\u0445 \u0431\u043e\u043b\u043e\u043c\u0436\u0442\u043e\u0439 \u0441\u0430\u043d\u0433\u0438\u0439\u043d \u0437\u0430\u0433\u0432\u0430\u0440 (loanable funds framework) \u0445\u044d\u0440\u044d\u0432 \u0442\u04af\u04af\u043d\u0438\u0439\u0433 \u0437\u04e9\u0432\u04e9\u04e9\u0440 \u043e\u0439\u043b\u0433\u043e\u0436 \u0445\u0430\u0440\u0432\u0430\u043b, \u044d\u043d\u044d \u043d\u044c \u0442\u04e9\u0432 \u0431\u0430\u043d\u043a\u0443\u0443\u0434\u044b\u043d \u0431\u0430\u0439\u043d\u0433\u0430 \u0448\u0430\u0445\u0443\u0443 \u04e9\u0434\u04af\u04af\u043b\u0434\u044d\u0433 \u0442\u044d\u0440\u0445\u04af\u04af \u0445\u043e\u0445\u0438\u0440\u043e\u043b \u0443\u0447\u0440\u0443\u0443\u043b\u0430\u0445 \u0433\u0430\u0437\u0440\u044b\u043d \u0437\u0443\u0440\u0430\u0433 \u044e\u043c.<\/p><p>Handre van Heerden<\/p><p>2026-09-22<\/p><p>source link: https:\/\/x.com\/handre\/status\/2097668091115380989<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u0425\u04af\u04af\u0433\u0438\u0439\u043d \u0442\u04af\u0432\u0448\u0438\u043d \u0443\u0433\u0442\u0430\u0430 \u0431\u043e\u043b \u04e9\u043d\u04e9\u04e9\u0433\u0438\u0439\u043d \u0431\u0430\u0440\u0430\u0430 \u0431\u04af\u0442\u044d\u044d\u0433\u0434\u044d\u0445\u04af\u04af\u043d\u0434 \u04e9\u0433\u0447 \u0431\u0443\u0439 \u04af\u043d\u044d \u0446\u044d\u043d\u0438\u0439\u0433 \u0438\u0440\u044d\u044d\u0434\u04af\u0439\u043d \u0431\u0430\u0440\u0430\u0430 \u0431\u04af\u0442\u044d\u044d\u0433\u0434\u044d\u0445\u04af\u04af\u043d\u0438\u0439 \u04af\u043d\u044d \u0446\u044d\u043d\u044d\u0442\u044d\u0439 \u0445\u0430\u0440\u044c\u0446\u0443\u0443\u043b\u0441\u0430\u043d \u0445\u0430\u0440\u044c\u0446\u0430\u0430 \u044e\u043c. <\/p>\n","protected":false},"author":1,"featured_media":2589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-2588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-handres-economic-story-series"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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