Non-Fiction Narratives
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EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM)Transcript
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an interesting result that arises from nearly all the models of the micro economic foundations of money is that the optimal rate of inflation, that is, the inflation rate that is best for the economic agents in the models is slightly negative. In other words, and these models, deflation is optimal. This result is known as the Friedman Rule because Milton Friedman first described it in his 1969 book on the optimal amount of money the Fed should issue. The intuition for the result is fairly simple. The cost of producing new money is close to zero, so the government should issue it until the costs equal the benefits to people of holding money. Because people's main alternative to holding money is toe hold bonds, which are in a nominal interest rate, then the ideal situation is for the return to holding money to be the same as a return to holding bonds, which will occur when the inflation rate equals the negative of the rial interest rate on bonds. In such a situation, the nominal interest rate on bonds will be zero only under the influence of the strong democratic currents preceding the revolution of 18 48 did socialism begin to ally itself with the forces of freedom? But it took the new democratic socialism a long time to live down. The suspicions aroused by it's an decedent's. Nobody saw more clearly than Toqueville that democracy as an essentially individualist institution stood in an irreconcilable conflict with socialism. Democracy extends a sphere of individual freedom, he said. In 18 48 socialism restricts it. Democracy attach is all possible value to each man. Socialism makes each man Amir Agent Amir number. Democracy and socialism have nothing in common but one word. Equality but notice the difference. While democracy seeks equality and liberty, socialism seeks equality in restraint and servitude.