Mood:
brightTopic: Economics
It has been opined that the years A.D. 1970-2000 -- or the last 3 decades of the 20th Century (note: Year 2000 is still, despite popular perception, part of the previous century, and NOT the beginning of the 21st Century) -- could be referred to as the Age of (Milton) Friedman, characterised by the following five features:
- Governments adopted strongly anti-inflationary monetary policy.
- Governments understood their role as the people's agent -- and not a dispenser of favors and benefits.
- Governments interfere infrequently in the economic sphere and business affairs.
- Government interfere not at all in the private lives of the people.
- Everybody, including governments, enthusiastically endorse free discussion and political democracy, and that such freedoms could convince the people to agree to the above four principles.
Well, whether any particular government has followed any of the above, I will leave it open ...
Most governments probably have no problem with the first item above, especially if inflation poses a problem, like it does today in the last years of the first decade of the 21st Century (i.e., since 2006, actually!).
Of course, the situation today involves also a severe credit crunch (hence affecting money supply M1 and M2, at the least) as a result of the loss of confidence arising from the sub-prime housing loans debacle.
My own observation is that items #2 - #5 above continue to pose a challenge even today -- which makes me wonder whether the Age of Friedman really existed!
Oh well, we can hope and pray ... Amen & cheers!
Have fun!
Cheers!
Halleluyah (Praise "the LORD our God" / Praise "YAHWEH our Father")!
-- Paul Quek
e:
paulquek88@yahoo.com
b:
http://www.thoughts-and-things.com
b:
https://paulquek888.tripod.com/blog/
-- this blog!
b:
http://paul-quek.tripod.com/index.blog
w:
http://www.mysteries-of-the-world.com
w:
http://paulquek.aokhost.com
w:
http://paulquek888.tripod.com
w:
http://pq.escrapbook.tripod.com
Advertisement
Web Masters/Authors!
Get paid on 100% of your website traffic, no clicks necessary!
How is this possible? << CLICK HERE (video) >>
Or: << HERE (Details) >>
Or: << HERE (Signup) >>
Or: << HERE (Mainpage) >>
