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andrew-mc [135]
2 years ago
8

Milton Friedman discussed the possibility of setting the marginal social cost of printing one more unit of money to zero, implyi

ng that the real interest rate should be equal to the rate of deflation in the economy, but not everyone agreed with this. What reasoning did Phelps (1973) provide to argue against Friedman's rule? Which interpretation would be correct in the RBC model? Why?​
Social Studies
1 answer:
Ugo [173]2 years ago
8 0

Answer and Explanation:

Phelps criticized Friedman's position, because he said it was totally irrelevant to analyze the tax functions of inflation without assessing product demand, as Friedman suggested in his theory. He stated that this would only be possible if there was a way to predict an optimal rate of inflation in different situations of demand and supply, otherwise, in Phelps' words it would be the same as "Professor Friedman gave us Hamlet without a prince".

Phelps' positioning would be better considered by the RBC model, since this model is based on real and not imaginary facts.

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soldier1979 [14.2K]

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"Public Order Crime"

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In criminology this is known as a "Public Order Crime". These are known as crimes that disrupt or interfere with peoples everyday lives and creates chaos in a society.

In some cases these crimes are known more as<u><em> "sins"</em></u> and not really crimes because the government classifies anything that goes against a societies main beliefs and customs as a public order crime as well.

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1. How do JT and JTA help in farming? Write in your own words and present in the class. ​
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