Explain the business cycle (literature) ¢Briefly (1 paragraph) outline the Austrian Economist, Hayek business cycle and neoclassical equilibrium.¢This can be done in terms of how Minsky explains or critiques them. ¢You can also use your notes on supply, demand, equilibrium here .2.Explain the concept of FIH and how it works.¢Is the business cycle one that is one of a positivist or subjectivist ontology (i.e., based on math or based on ideas/biases?) 3.Explain the 3 phases and the type of borrowers in each:hedge, speculative, Ponzi4.What is deflation (deleveraging) and what and who can be affected?