Authoritarian Socialism versus Liberal Socialism

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Authoritarian Socialism versus Liberal Socialism It may be instructive to distinguish between two types of socialism: (a) Authoritarian Socialism, and (b) Liberal SOCIalism. 111 authoritarian socialism. State ownership covers all the means of production and allocates them by planning for the production of various  goods. In this system, there is no sovereignty of the consumer nor any freedom for the labour […]

Unemployment and Full Employment

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Unemployment and Full Employment This is the’ problem that underdeveloped countries like India arc facing today Since our tuck of capital has not been growing at a rate fnsl enough to keep pace with the growth of populus ou, the country’s capacity to offer productive employment to the new entrants to the labour market has been severely limited. This manifests […]

CONCLUSION

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CONCLUSION “A nickel ain’t worth a dime anymore,’ baseball player Yogi Berra once observed. Indeed, throughout recent history, the real values behind the nickel, the dime, and the dollar have not been stable. Persistent increases in the overall level of prices have been the norm. Such inflation reduces the purchasing power of each unit of money over time. […]

INTEREST RATES IN THE U.S. ECONOMY.

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INTEREST RATES IN THE U.S. ECONOMY. Figure 2 shows real and nominal interest rates in the US. economy since 1965. The nominal interest rate in this figure is the rate on 3-month Treasury bills (although data on other interest less would be similar) The real interest rate is computed by subtracting the rate of inflation from this […]

REAL AND NOMINAL INTEREST RATES

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REAL AND NOMINAL INTEREST RATES Correcting economic variables for the effects of inflation is particularly important, and somewhat tricky, when we look at data on interest rates. The very concept of an interest rate necessarily involves comparing amounts of money at different points in time. When you deposit your savings in a bank account, you give the bank […]

INDEXATION

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INDEXATION As we have just seen, price indexes are used to correct for the effects of inflation when comparing dollar figures from different times. This type of correction shows up in many places in the economy When some dollar amount is automatically corrected for inflation by law or contract, the amount is said to be indexed for inflation For […]