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?