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to rely on a regulation whose reality relies upon upon the existence of the phenomenon to be explained. Keynesian economics dominated economic principle and coverage after World War II until the Seventies, when many superior economies suffered each inflation and slow development, a condition dubbed “stagflation.” Keynesian concept’s reputation waned then because it had no applicable policy response for stagflation. Monetarist economists doubted the flexibility of governments to manage the enterprise cycle with fiscal policy and argued that even handed use of monetary coverage could alleviate the crisis (see “What Is Monetarism?” in the March 2014 F&D). Members of the monetarist college additionally maintained that money can have an effect on output in the brief run however believed that in the long run, expansionary monetary coverage leads to inflation only. Keynesian economists largely adopted these critiques, including to the unique concept a greater integration of the short and the long term and an understanding of the long-run neutrality of money?the concept a The hottest product weed 420 smoke all over print romperschange within the stock of money impacts solely nominal variables within the economy, such as costs and wages, and has no impact on actual variables, like employment and output.
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