Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" of "a touch on the brakes" , makes it sound like a precise science. Nothing could be further from the truth. Economists have been particularly surprised by favorable inflation figures in Britain and the United States, since, conventional measures suggest that both economies, and especially America's, have little productive slack.
No clear-cut distinction can be drawn between professional and amateurs in science: exceptions can be found to any rule. Nevertheless, the word "amateur" does carry a connotation that person concerned is not fully integrated into the scientific community and, in particular, may not share its values.
I believe that the most important forces behind the massive M&M wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers' demands.
If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in turn will lower the price and permit more consumers to buy the product.In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a product or to make a free contract with another private individual.
This development--and its strong implication for US politics and economy in years ahead--has enthroned the South as America's most densely populated region for the first time in the history of the nation's headcounting. Often they choose--and still are choosing--somewhat colder climates such as Oregon, Idaho and Alaska in order to escape smog.crime and other plagues of urbanization in the Golden State.
At the same time, the American Law Institute--a group of judges, lawyers, and academics whose recommendations carry substantial weight--issued new guidelines for tort law stating that companies need not warn customers of obvious dangers or bombard them with a lengthy list of possible ones.
