2.The path of growth on its own is subject to volatility and is not certain. 3.The significant impact of financial cycles on the business cycles. For now, I will expand a little on each of them. A more correct assumption for the model, which is closer to the economic reality, is that the single individual is exposed to greater risks than the average individual.
Therefore, when the distribution of risk among the individuals is not uniform, aggregate data do not necessarily provide the complete picture. A more simplistic description of this assumption is used a lot in describing the statistical average, ignoring variance and volatility: “You can also drown in a pool with an average depth of 20 cm."