UK Indexed Gilts: A Case Study of Financial Indexation
What change of market practice has a whole series of the world’s greatest economists, such as Jevons, Marshall, Irving Fisher, Keynes and Milton Friedman, virtually unanimously recommended; a change which practical men in authority, notably Central Bank Governors, have generally firmly resisted as far as they could and have only adopted with the utmost reluctance? The answer is a move to index contracts, especially long-term contracts, for example wages, tax brackets and financial contracts.
KeywordsIncome Explosive Expense OECD Milton
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