Since you posted this here specifically asking for feedback, I’m going to be honest. And since you said it has to be “understandable, clear, and straightforward”, I have to say, honestly if I wasn’t already familiar with the theory I would not have been able to follow that. And it certainly wasn’t easy to get through. Even for someone familiar with and interested in economics, that passage may be much more cumbersome than you’d wish it to be…but I can say with a great deal of certainty you don’t have a prayer with a layman. Even if they are smart enough to follow it, it is too boggy, and it gets to a point where you just don’t feel like following it. (At least a small part of this could be rectified by the simple task of actually using paragraphs…but that’s only a small part).
I would highly recommend consulting some other explanations that are geared toward the layman and see what you can pull from them. There was a thread about this some time ago…you can find it here: ABCT in a few minutes
And you may check out Economics for Real People and Common Sense Economics (both of which you will find links to free downloads there), as they each cover the subject quite well. But perhaps the best source I can offer is the talk below given by Tom Woods. It’s one of the best overall introductions I’ve ever heard. He actually begins the lecture by giving some insight into the nature of money and its origins and inflation. But if you jump to 15:48 you’ll hear his rundown of the business cycle, and it’s a brilliantly simple, understandable, and straightforward explanation. All you’ll have to do is condense it down to make it possibly a bit more concise…which shouldn’t be too hard, as you’ll be writing, and he was giving a talk.
