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and the u.s. toward low inflation during the pass two decades. before friedman, economic conventional wisdom held that inflation reduces unemployment BECause prices rise faster than labor costs. in the late 1960s, friedman argued instead that there is no permanent reduction in unemployment from continuing inflation because wages eventually catch up to prices as expectations about inflation become more accurate. his analysis has been validated twice since then----by the high u.s. the ’90 even though inflation was negligible. two decades before chile introduces its revolutionary private individual account retirement system, friedman’s classic 1962 book capitalism and freedom criticized the prevailing pay-as-you -go social security systems for restricting the ability of individuals to choose how much and in what form to save for retirement, and for mixing a welfare program for elderly poor with a compulsory program that applies to all the elderly. has his advice been followed twenty years ago, there would be no impending social security financing crisis in the u.s. and other developed nations with aging population. 3. are force majeure clauses exclusion clauses? in order to differentiate an exclusion or limitation clause from a force majeure clause we must first define |
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