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Who would expect of a mason an impersonal interest in the principles of the arch, or of a plumber a non-financial devotion to hydraulics? Certainly one would be wrong in crediting the masses in general or European waiters in particular with much abstract love of mathematics, for example. In the second place, there is an essential difference in the attitude of the two subjects upon personality.
The implicit price deflator of the non-financial business sector has been -0.6 percent in the year to the end of the second quarter of 2002. Germany faces the same predicament. As oil prices surge, their inflationary shock will give way to a deflationary and recessionary aftershock. Depending on one's point of view, this is a self-reinforcing virtuous or vicious cycle.
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