For most economists, the key to healthy economic fundamentals is price stability. Price stability is an economic condition where the general price level of goods remains relatively constant over time. It is held that a stable price level leads to the efficient use of the economy’s scarce resources. According to the former President of the Federal Reserve Bank of New York William J. McDonough,

As John Adams wrote to his wife Abigail following a congressional vote for independence on July 2, 1776, “[This date] ought to be Solemnized with Pomp and Parade with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.” The future father of the Alien and Sedition Acts was justifiably proud and excited.