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Updated: May 9, 2025
Although the official economic thinking remained Confucian, i.e. anti-business and pro-agrarian, we find in this time insight in price laws, for instance, that peace times and/or decrease of population induce deflation. The government had always attempted to manipulate the prices by interference.
The Roman Empire and the Holy Roman Empire bellied out further than those national unifications in the Nineteenth Century from which believers in a World State argue by analogy. Nevertheless, it is probably true that the real integration has increased regardless of the temporary inflation and deflation of empires. Such a real integration has undoubtedly occurred in American history.
Government expenditures must always share in this growth. Taking into account the factors I have mentioned, I believe that present Federal expenses are not far out of line with pre-war expenses. We have nearly accomplished the deflation. This does not mean that further economies will not come. As we reduce our debt our interest charges decline. There are many details yet to correct.
Writing as "Sideros" he gave credit to Martien for "the great discovery that pig-iron can, whilst in the fluid state, be purified ... by forcing currents of air under it ...," though Martien had failed to observe the use of temperature by the "deflation of the iron itself"; and for discovering that
It merely reflects the output gap between actual and potential GDP. As long as the gap is negative i.e., whilst the economy is drowning in spare capacity inflation lies dormant. The gap widens if growth is anemic and below the economy's potential. Thus, growth can actually be accompanied by deflation.
When in the summer of 1919 the railway shopmen demanded an increase in their wages, which had not been raised since the summer of 1918, President Wilson practically refused the demand, urging the need of a general deflation but binding himself to use all the powers of the government immediately to reduce the cost of living.
So long as there was an orderly administration, the government could send it money, though at considerable cost; but if the administration was not functioning well, the deflation continued. For this reason some provinces prohibited the export of copper money from their territory at the end of the eighth century.
And the deflation was not the sole cause of his gloom. There was another. He was on his honeymoon. Understand me not a honeymoon of romance, but a real honeymoon. Who that has ever been on a real honeymoon can look back upon the adventure and faithfully say that it was an unmixed ecstasy of joy?
There, like a balloon, he had blown his body in titillations and desire only to be deflated to a moment or two of tameness and godhood and then an equilibrium this concoction of a little god and a lot of animal called a human being. And when he returned home to Seong Seob, there was a contrived inflation and deflation of the phallus in the ersatz of coerced will.
It may be done on the same solid fundamentals and make the vitally important agricultural industry more secure, and it must be done. This Congress already has taken cognizance of the misfortune which precipitate deflation brought to American agriculture. Your measures of relief and the reduction of the Federal reserve discount rate undoubtedly saved the country from widespread disaster.
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