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Economic Asphyxiation

In: The Case for a New ECU

Author

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  • Jacques Riboud

Abstract

The science of economics is fond of graphs and diagrams. There are graphs with linear curves, straight-line curves (the easiest to draw), curves shaped like bells (promising apices) and there are even some with apices that turn back. Politicians have seized on these curves in order to use them for justifying the decisions and choices that they make. The Phillips curve connects inflation and unemployment, whilst Milton Friedman’s curve shows the relationship between the money supply and the purchasing power of each unit of money. The most recent of these curves is the Laffer curve, which connects fiscal pressure, and through it, private spending, with economic activity.

Suggested Citation

  • Jacques Riboud, 1989. "Economic Asphyxiation," Palgrave Macmillan Books, in: The Case for a New ECU, chapter 14, pages 125-135, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09730-2_14
    DOI: 10.1007/978-1-349-09730-2_14
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