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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: MythMan who wrote (4435)	7/19/2000 2:54:45 AM
From: UnBelievable	Read Replies (2) of 436258

The fact that inflation is a monetary phenomenon that occurs when the rate of growth in the money supply is greater than the rate of growth of real goods and services. It is not an artifact of economic growth, can not be cured with higher levels of unemployment, wage and price controls, nor does it result from government fiscal policy. Austrian Economic Theory formed the basis for much of the work done over the last two decades at Chicago/MIT/Stanford by Milton Freidman, Modiglianai, Miller, Sharpe, and others. Paul Volcker, as Chairman of the Federal Reserve, and the individual most responsible for establishing the conditions which formed the basis for the almost decade long period of economic growth in the United States, did so based upon Austrian Economic Theory and the Chicago School Economists. Unfortunately, while the current chairman is well versed in the theory he seems to have forgotten what he was taught and has failed to put it into practice. Perhaps the most significant difference between the Chicago School and the Austrian School is that the Chicago School does not have the fetish for Gold retained by the Austrians.

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