Less Than Zero: The Case for a Falling Price Level in a Growing Economy
This book sets out to explain the complexity of why increased production does not that always bring with it lower prices. According to the book, those who look upon monetary expansion as a way to eradicate almost all unemployment fail to appreciate that persistent unemployment is a non-monetary or 'natural' economic condition, which no mount of monetary medicine can cure. Selgin explores the differences between these monetary and natural conditions, and proposes solutions of his own.
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Contents Foreword Professor Colin Robinson
Real and Nominal Income and Prices
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achieve adverse supply shocks aggregate demand aggregate productivity aggregate spending aggregate supply allow argued argument Arthur Okun Arthur Pigou base money capital input cent central bank change in productivity constant price level costs of price creditors debtors decline demand for money Dennis Robertson depression economists factor prices factor productivity norm factors of production George Selgin growth rate increase industries inelastic interest rates Keynesian labour and capital labour input labour productivity norm long-run menu costs Milton Friedman monetarists monetary authorities monetary disequilibrium monetary expansion monetary misperception effects monetary policy monetary union money balances money stock money wage-rates movements nominal spending output prices overall price changes price-level stabilisation productivity changes productivity growth productivity shock productivity-norm Professor quantity of money rate of interest rate of real real income real output relative price reserves rise Selgin shift stabilise the price total factor productivity velocity of money Yeager zero inflation zero inflationists
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