macroeconomists against the charge that for 40 or 50 years they have investigated competition primarily under assumptions which, if they were actually true, would make order, which I prefer to that of equilibrium, at least in discussions of economic policy, has the advantage of allowing us to speak meaningfully about the fact that
Volume 6, No. 4 (Winter 2003) Mainstream writings on monetary policy typically focus on the goals that are assumed to be the goals of monetary altogether and gives way to a description of the technicalities of open market policies, discount rates, reserve requirements, and so on. In the present article, we only through its focus on the production of money. We also take the case of money competition—parallel production and use of several monies—to be the rule rather than
decision of the producer, and used familiar analytical tools such as perfect competition, the isoquant-isocost framework, and the competitive versus monopoly tendency for the various producers to get together and decide production and price policy as if they were one firm only. If they could make such an agreement, they
in packaging. Based on our analysis, we claim that an expansionary monetary policy may cause a decline in quality (quantity) of produced goods and services if especially in periods of high inflation and in markets where producers face strong competition. Imai and Watanabe (2013) examined the extent to which product downsizing
institutions and a critique of internationally sponsored economic stabilization policies. The first section offers a presentation of Hayek’s early monetary thought, especially in the policy area of monetary nationalism. This presentation, even though a due tribute to voluntary exchanges, are subject to the rules of both horizontal and vertical competition. On the one hand, different commodities can be competing for fulfilling
In Part IV, Salin concludes his investigations with a brief analysis of monetary policy, monetary crises, and monetary integration. From the beginning, the building Part II with a pointed analysis of the balance-of-payments—or external equilibrium—policies. He shows that such policies are “doomed to failure because [they are] based of money, substitution of pseudo-independence to an external control by competition, and the use of a compulsory and constructivist process instead of a
of a Reason Foundation proposal for city governments to put city services up for competitive bidding. MacLean’s critique begins with a chapter about John C. Calhoun, libertarian economics, defense of civil liberties, and his advocacy of a foreign policy of national defense instead of offense. MacLean also completely ignores the
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