Ever since King Canute proved that sovereignty over the waves could not prevent the Royal feet from getting wet, the futility of interfering with natural forces has been well understood. It used to be understood that the same applies to market forces:

Interest (or Rent) of mony can bee no more stated by lawes then the Rent of Lands, prices of goods, or the wages of laborers and artisans.

[Petty (1660) p.247]


Monetary Policy Natural Rate Full Employment Annual Percentage Change Monetary Authority 
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© Robert Anthony Rayman 2013

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