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Unformatted text preview: c) Stable Prices i) Inflation is costly to society ii) Need purchasing power iii) Bringing down inflation is painful (1) Decline in output (2) Rise in unemployment iv) Inflation cannot be too low (1) Causes deflation and may cause negative inflation d) Macroeconomic approach i) Look at all markets simultaneously Page 1 of 2 ECON202 Book Notes Chapter 4 (1) Aggregation (a) The process of combining different things into a single category e) Macroeconomic controversies Page 2 of 2...
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This note was uploaded on 03/15/2009 for the course ECON 202 taught by Professor Brucemcgough during the Spring '09 term at Oregon State.
- Spring '09