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Economists and Their World
Practical Politics and the Economist December 198o
How Can We Best Survive in This Vale of Tears?
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activity Adam Adam Smith adjustment alternatives amount of money analysis basic benefits better Big Brother borrowers bureaucratic buyers capital competition consumer price index consumers consumption corporate costs coupons created curtail demand dollars economic economists effective employment energy exchange rates Federal Reserve firms foreign exchange market free market free society gains growth higher price imposed incentives income increase individual induce industry inevitable inflation interest rates investment Karl KBIG labor largely less loans lower ment mice monetary money stock money supply Mortimer Snerd nomic nominal interest rates OPEC options output peanuts percent political pollution preferences price controls price level problem production profits programs property rights reduce regulation relatively rent control require restrictions rise sellers shortages social subsidize sumers things tickets tion trade unions wealth welfare whale world of scarcity