For example, free bankers might find common cause with advocates of NGDP
The NGDP constant concept was proposed by Hayek (1931, p.
Hayek's Rule, NGDP Targeting, and the Productivity Norm: Theory and Application," Social Science Research Network.
A number of economists have pointed out that NGDP was allowed to fall during the recession.
This institutional arrangement, known as "free banking," would yield an approximation of NGDP targeting--a "productivity norm" (Selgin, 1997)--that has many similarities to the policy Hayek originally envisioned.
A more radical step would be the launch of a consultation on more fundamental changes to the policy framework [eg, a US Fed-style dual mandate of a formal NGDP
target]," he said.
The incumbent vendors poised to benefit the most from this transition to NGDP are the disk storage system vendors, which can extend their core expertise in primary disk storage to secondary storage.
The 150-page report sets out to demystify the various NGDP tools being readied for the market, and it analyzes the market opportunity.
Although the market disorder view is the conventional wisdom, the fact that NGDP
fell during 2009 at the fastest rate since the 1930s suggests that monetary policy failure was at the center of the crisis.
I develop the argument as follows: In Section II I briefly summarize NGDP
targeting, the Market Monetarist School, and its similarities to free banking and monetary disequilibrium.
It coincides with the release of The 451 Group's upcoming 451 Special Report on this subject, which will provide 100-plus pages that discuss the various NGDP
tools that are emerging, while also analyzing the market opportunity for companies that are bringing these tools to the marketplace.
offers graduates a two-year development programme within a council, supporting them in reaching their potential by way of of a programme of national training, postgraduate study and shared good practice.