All this when the matter is looked at in the aggregate; when, that is to say, reference is made to what is called the ‘general price level’. What happens to ‘relative prices’ ? In our anxiety to bring out the broad effe..
I have stated this theory of price variations rather elaborately because it appears to me that certain features of our present situation fit it very closely and I suspect that not enough attention has been given to this aspect of the matter. I..
Let me state a theory of price variations in the context of an economy having a process of planned economic development. Assume, first, that the additional investment, both in the public sector and in the private sector, is matched entirely by..