tailieunhanh - Less Than Zero -The Case for a Falling Price Level in a Growing Economy (Hobart Papers)

Professor Selgin begins the book with a note on the current view of monetary policy being directed at achieving a price level at or close to zero. The idea of monetary expansion as a means of achieving full employment has been discredited. He introduces his concept of a variable price level with reference to a productivity norm and establishes basic ideas about productivity. | COPUBLISHED WITH THE INSTITUTE OF ECONOMIC AFFAIRS THE CASE FOR A FALLING PRICE LEVEL IN A GROWING ECONOMY Less Than Zero The Case for a Falling Price Level in a Growing Economy George Selgin Professor of Economics Terry College of Business University of Georgia Published by The Institute of Economic Affairs 1997 First published in March 1997 by The Institute of Economic Affairs 2 Lord North Street Westminster London SW1P 3LB THE INSTITUTE OF ECONOMIC AFFAIRS 1997 Hobart Paper 132 All rights reserved ISSN 0073-2818 ISBN 0-255 36402-4 Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Editorial Director at the address above. Printed in Great Britain by Hartington Fine Arts Limited Lancing West Sussex Set in Baskerville Roman 11 on 12 .