Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

From http://www.tomsargent.com/research/romers3.pdf Reactions to the Berkeley story Thomas J. Sargent October 21, 2002

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Milton Friedman visited Australia in 1975. He spoke with government officials and appeared on the  TV show  Monday Conference. Apparently, that was enough for him to take over Australian monetary policy setting for the foreseeable future. When working at the next desk to the monetary policy section in the late 1980s, I heard not a …

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Australian policymakers from at least 1971 viewed inflation as not a consequence of their monetary policy decisions. There were repeated references by them to wage-price spirals and both unsuccessful (1977) and successful attempts (1981) at wage freezes. The prices and incomes accord from 1983 onwards was just another 1970s wage tax trade-off. An Incomes policy …

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