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Armstrongsunisabooks.blogspot.com news digest

  • 10 years

    What is money - An extract from The Tyrants Handbook of Economics

    It takes effort and time to produce something. Not everything that is produced is immediately consumed: houses, food etc.. Therefore it is saved - even if for only short periods although the latter are only cash-flow savings and only as a national aggregate...

  • 10 years

    More about the Nature of Economics

    At this point it is necessary to remind you about what I said about money in the paragraph “a Definition of Economics”. That is that economics is the study of human behaviour not the study of money itself.
    Economics is the study of people and how they react to money - which is a very different thing. A$100 dollar note lying on the pavement has no life of its own. It is quite incapable of jumping up into your pocket. You have to bend down and pick it up...

  • 10 years

    Inflation and A W Philips

    Both Keynesian and Monetarist economists were primarily concerned with the demand side of the economy - how to stimulate demand and thereby production and concomitantly expenditure. So along came A W Philips.
    Philips got the notion that a high rate of unemployment is usually accompanied by a low rate of inflation, and vice versa. (Full employment accompanied by high rate of inflation). Consequently it was thought that if you deliberately caused inflation...

  • 10 years

    Moneterist theory continued from part 1

    Normal
    false
    false

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