Tuesday October 20, 2020

Dismal science becomes clearer from the bird's eye view

Macroeconomics. The Undercover Economist Strikes Back, How to Run - or Ruin - an Economy. By Tim Harford. Reviewed by Kathy Foley.

24th August, 2013
Tim Harford: studying the overall economic behaviour of consumers, businesses and governments. Photo: Fran Monks

Macroeconomics

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Did you know the price of a Coca-Cola in the US did not change for 70 years? It stayed at 5c all that time. By comparison, the cost of a cup of coffee rose eight-fold in the same period. There were many reasons for this, not least because Coke was sold in vending machines that only accepted nickels. It was an extreme case of what macroeconomists call 'sticky prices'.

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