query: were the two oil crises in the 1970s linked to deflation or inflation

pos: 1970s energy crisis early 1970s. World oil production per capita began a long-term decline after 1979. The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of potentially unfriendly countries in the Middle East and other parts of the world. The crisis led to stagnant economic growth in many countries as oil prices surged. Although there were genuine concerns with supply, part of the run-up in prices resulted from the perception of a crisis. The combination of stagnant growth and price inflation during this era led to the coinage

pos: Inflationism some argue for a generally higher level of inflation, either in general or in the context of economic crises, and deflation is widely agreed to be very harmful. Three contemporary arguments for higher inflation, the first two from the mainstream school of Keynesian economics and advocated by prominent economists, the latter from the heterodox school of Post-Keynesian economics, are: A high inflation rate with a low "nominal" interest rate result in a negative real interest rate; for example, a nominal interest rate of 1% and an inflation rate of 4% yields a real interest rate of (approximately) −3%. As lower

pos: Christopher Martenson of the Post Carbon Institute. In his writings and in interviews with various media outlets, Martenson regularly warns his audience of economic crises. In 2010, he predicted a new era of stagflation, in which monetary inflation outpaces economic growth, or even simultaneous stagflation and deflation. In 2012, Martenson warned of a liquidity crisis. He has recommended that consumers take steps to prepare themselves for "peak oil", after which he asserts that recovery of petroleum resources will decline. According to Martenson, large changes related to economic, energy, and environmental factors will occur in the near future (2015-2020). He has cautioned: The

pos: Inflation-indexed bond Inflation-indexed bond Daily inflation-indexed bonds (also known as inflation-linked bonds or colloquially as linkers) are bonds where the principal is indexed to inflation or deflation on a daily basis in terms of the official Daily CPI or monetized daily indexed unit of account like the Unidad de Fomento in Chile and the Real Value unit of Colombia. They are thus designed to hedge the inflation risk of a bond. The first known inflation-indexed bond was issued by the Massachusetts Bay Company in 1780. The market has grown dramatically since the British government began issuing inflation-linked Gilts in 1981. As of

pos: Deficit spending things as infrastructure, basic research, public health, and education, that can also increase potential output in the long run. Finally, the high demand that a government deficit provides may actually allow greater growth of potential supply, following Verdoorn's law. Deficit spending may create inflation, or encourage existing inflation to persist. For example, in the United States Vietnam-war era deficits encouraged inflation. This is especially true at low unemployment rates. But government deficits are not the only cause of inflation: It can arise due to such supply-side shocks as the oil crises of the 1970s and inflation left over from the

pos: Inflation-indexed bond the Lehman Brothers U.S. Treasury: U.S. TIPS index. Inflation-indexed bond Daily inflation-indexed bonds (also known as inflation-linked bonds or colloquially as linkers) are bonds where the principal is indexed to inflation or deflation on a daily basis in terms of the official Daily CPI or monetized daily indexed unit of account like the Unidad de Fomento in Chile and the Real Value unit of Colombia. They are thus designed to hedge the inflation risk of a bond. The first known inflation-indexed bond was issued by the Massachusetts Bay Company in 1780. The market has grown dramatically since the British government

pos: Inflationism States, and that this argument ascribes high real labor costs as a cause of unemployment, and argues that labor should have a lower share of national income – workers should be paid less. In the theory of debt-deflation, a key cause of economic crises is a high level of debt, and a key cause of recovery from crises is when this debt level has decreased. Other than repayment (paying down debt) and default (not paying it), a key mechanism of debt reduction is inflation – because debts are general in nominal terms, inflation reduces the real level of debt. This

pos: 1980s oil glut 1980s oil glut The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel (equivalent to $ per barrel in 2008 dollars, when adjusted for inflation), fell in 1986 from $27 to below $10 ($ to $ in 2008 dollars). The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the crises of the 1970s, especially in 1973 and 1979) and the energy conservation spurred by high

pos: Differential accumulation with little market power saw falling prices and only a moderate drop in output. Large firms were able to keep their prices relatively stable, and even raise them in some cases, and let output fall by as much as 80%. They stipulate that the primary cause of these crises is not financial but a crisis of differential accumulation. Inflation was helpful for not only providing differential accumulation but also to forestall the threat of deflation. Mergers had been in hibernation since early 2000s, which resulted in a greater reliance on the socially disruptive tool of inflation as stagflation. The soaring

pos: Yield (finance) known as Inflation Linked fixed income. TIPS are sold by the US Treasury and have a "real yield". The bond or note's face value is adjusted upwards with the CPI-U, and a real yield is applied to the adjusted principal to let the investor always outperform the inflation rate and protect purchasing power. However, many economists believe that the CPI under-represents actual inflation. In the event of deflation over the life of this type of fixed income, TIPS still mature at the price at which they were sold (initial face). Losing money on TIPS if bought at the initial auction

pos: Neutrality of money also emphasize the role that "nominal" debt plays: since the nominal amount of debt is not in general linked to inflation, inflation erodes the real value of nominal debt, and deflation increases it, causing real economic effects, as in debt-deflation. Even if money is neutral, so that the level of the money supply at any time has no influence on real magnitudes, money could still be non-superneutral: the "growth rate" of the money supply could affect real variables. A rise in the monetary growth rate, and the resulting rise in the inflation rate, lead to a decline in the real

pos: Abenomics actual core CPI in was 0.7 per cent in January 2015. Oil prices were about 100 USD in April 2014, and then they decreased about 50 per cent by the end of 2014. He maintained that the decline in oil prices made it difficult for BoJ to meet the target. Abenomics aimed at ending the deflation which continued for more than 15 years, focusing on massive monetary stimulus to build up self-sustaining expectations of moderate inflation. But the expectations were dulled by the consumption tax hike, and the country eventually fell back into deflation: the growth rate of GDP deflator

pos: Causes of the Great Depression Marxists generally argue that the Great Depression was the result of the inherent instability of the capitalist model. In addition to the debt deflation there was a component of productivity deflation that had been occurring since The Great Deflation of the last quarter of the 19th century. There may have also been a continuation of the correction to the sharp inflation caused by WW I. Oil prices reached their all-time low in the early 1930s as production began from the East Texas Oil Field, the largest field ever found in the lower 48 states. With the oil market oversupplied prices

pos: Deflation Deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but deflation increases it. This allows one to buy more goods and services than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive. Economists generally believe that deflation is a problem in a modern economy because it increases the real value of

pos: Elo rating system system is often referred to as "rating inflation" or "rating deflation" respectively. For example, if there is inflation, a modern rating of 2500 means less than a historical rating of 2500, while the reverse is true if there is deflation. Using ratings to compare players between different eras is made more difficult when inflation or deflation are present. (See also Comparison of top chess players throughout history.) It is commonly believed that, at least at the top level, modern ratings are inflated. For instance Nigel Short said in September 2009, "The recent ChessBase article on rating inflation by Jeff Sonas

pos: Deflation States then began experiencing measurable deflation, steadily decreasing from the first measured deflation of -0.38% in March, to July's deflation rate of -2.10%. On the wage front, in October 2009 the state of Colorado announced that its state minimum wage, which is indexed to inflation, is set to be cut, which would be the first time a state has cut its minimum wage since 1938. Deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency

pos: Economy of Spain joined the euro zone, it lost the recourse of resorting to competitive devaluations, risking a permanent and cumulative loss of competitive due to inflation. In a scenario of record oil prices by the mid 2000s this meant much added pressure to the inflation rate. In June 2008 the inflation rate reached a 13-year high at 5.00%. Then, with the dramatic decrease of oil prices that took place in the second half of 2008 plus the manifest bursting of the real estate bubble, concerns quickly shifted over to the risk of deflation, as Spain recorded in January 2009 its lowest inflation

pos: 1970s energy crisis began in the early 1980s as a result of slowed economic activity in industrial countries (due to the 1973 and 1979 energy crises) and the energy conservation spurred by high fuel prices. The inflation adjusted real 2004 dollar value of oil fell from an average of $78.2 per barrel in 1981 to an average of $26.8 in 1986. In June 1981, "The New York Times" stated an "Oil glut! ... is here" and "Time Magazine" stated: "the world temporarily floats in a glut of oil," though the next week a New York Times article warned that the word "glut" was

pos: Economy of Croatia foreign investment. The privatization of large government-owned companies was practically halted during the war and in the years immediately following the conclusion of peace. As of 2000, roughly 70% of Croatia's major companies were still state-owned, including water, electricity, oil, transportation, telecommunications, and tourism. Early 1990s were characterized with high inflation rates. In 1991 the Croatian dinar was introduced as a transitional currency, but inflation continued to accelerate. The anti-inflationary stabilization steps in 1993 decreased retail price inflation from a monthly rate of 38,7% to 1,4%, and by the end of the year Croatia experienced deflation. In 1994 Croatia introduced

pos: Post-war consensus of the Chicago school of economics. He preached Monetarism to discredit Keynesianism. Keith Joseph played a major role as an advisor to Thatcher. Keynesianism itself seemed no longer to be the magic bullet for economic crises of the 1970s. Mark Kesselman et al. argue: Global events such as the 1973 oil crisis put pressure on the post-war consensus; this pressure was intensified by domestic problems such as high inflation, the three-day week and industrial unrest (particularly in the declining coal-mining industry). In early 1976, expectations that inflation and the double deficit would get worse precipitated a Sterling crisis. By October,

pos: Inflationism Inflationism Inflationism is a heterodox economic, fiscal, or monetary policy, that predicts that a substantial level of inflation is harmless, desirable or even advantageous. Similarly, inflationist economists advocate for an inflationist policy. Mainstream economics holds that inflation is a necessary evil, and advocates a low, stable level of inflation, and thus is largely opposed to inflationist policies – some inflation is necessary, but inflation beyond a low level is not desirable. However, deflation is often seen as a worse danger, particularly within Keynesian economics and in the theory of debt deflation, and thus the policies advocated by Keynesian economists such

pos: 2008–2014 Spanish financial crisis Real Central Airport, Castellón-Costa Azahar Airport and others were built. Due to the lack of its own resources, Spain has to import all of its fossil fuels, which in a scenario of record prices added much pressure to the inflation rate. Thus, in June 2008 the inflation rate reached a 13-year high of 5.00%. Then, with the dramatic decrease of oil prices that happened in the second half of 2008 plus the confirmed burst of the property bubble, concerns quickly shifted to the risk of deflation instead, as Spain registered in January 2009 its lowest inflation rate in 40 years

pos: Inflation targeting Some economists argue that better institutions increase a country’s chances of successfully targeting inflation. As regards the impact of the recent financial crisis, John Williams, a high-ranking Federal Reserve official, concludes that "when gauged by the behavior of inflation since the crisis, inflation targeting delivered on its promise". Choosing a positive inflation target has at least two drawbacks. However, policymakers feel the drawbacks are outweighed by the fact that a positive inflation target reduces the chance of an economy falling into a period of deflation. Some economists argue that fear of deflation is unfounded, citing studies that show inflation is

pos: Chronic inflation linked to mismanagement and lack of economic diversification, with the largest and longest period starting in 1980s and through the 90s during which inflation peaked in 1996 with 60% in January to an all-time high of 118.8% in July of that same year. Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports, and after decades of some of the strongest economic growth in South America the trend went into sharp reversal as oil prices began their steady drop following the end of the oil crisis of the 1970s of which

pos: Constant purchasing power accounting concepts during low inflation and deflation: (1) physical capital maintenance and (2) financial capital maintenance in nominal monetary units (traditional Historical Cost Accounting) as stated in Par 45 to 48 in the FASB Conceptual Satement Nº 5. US GAAP does not recognize the third concept of capital and capital maintenance during low inflation and deflation, namely, financial CMUCPP as authorized in IFRS in the framework, Par 104 (a) in 1989. The three concepts of capital defined in IFRS during low inflation and deflation are: The three concepts of capital maintenance authorized in IFRS during low inflation and deflation are: Constant

pos: History of Social Security in the United States years following the 1972 amendments which rapidly changed the outlook on Social Security's long-term financial picture from positive to problematic. By the 1970s, the phase-in period, during which workers were paying taxes but few were collecting benefits, was largely over, and the ratio of elderly population to the working population was increasing. These developments brought questions about the capacity of the long term financial structure based on a pay-as-you-go program. During the Carter administration, the economy suffered double-digit inflation, coupled with very high interest rates, oil and energy crises, high unemployment and slow economic growth. Productivity growth in the United

pos: Disinflation on all goods and services produced. An example of this happened during the month of October 2008, when U.S. consumer prices fell (deflation) by 1.01% but the overall annual inflation rate simply decreased (disinflation) from an annual rate of 4.94% to 3.66%. So the distinction between deflation and disinflation at that point was simply one of which time period was referred to—the monthly basis or the annual basis. Over the year, prices were up 3.66% while over the month prices were down 1.01%. Disinflation is reduction in the inflation rate. Prices are still rising during disinflation, but at a lower

pos: Macroeconomics excluded. Unemployment can be generally broken down into several types that are related to different causes. A general price increase across the entire economy is called inflation. When prices decrease, there is deflation. Economists measure these changes in prices with price indexes. Inflation can occur when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to deflation. Central bankers, who manage a country's money supply, try to avoid changes in price level by using monetary policy. Raising interest rates or reducing the supply of money in an economy will reduce inflation. Inflation can lead to

pos: John Maynard Keynes resolution while many conservatives were still arguing for appeasement. After the war started he roundly criticised the Left for losing their nerve to confront Hitler: Keynes has been characterised as being indifferent or even positive about mild inflation. He had indeed expressed a preference for inflation over deflation, saying that if one has to choose between the two evils, it is "better to disappoint the rentier" than to inflict pain on working class families. He also supported the German hyperinflation as a way to get free from reparations obligations. However, Keynes was also aware of the dangers of inflation. In

pos: Monetary hawk and dove dichotomy has been criticized as overly simplistic, especially in times of deflation or low inflation. For example, Federal Reserve Bank of St. Louis President James Bullard has been described as a "deflation hawk" for favoring policies that would raise inflation to a target of 2 percent per year. "Washington Post" columnist Neil Irwin used the term "bubble hawk" to describe those who focus on using monetary policy to fight financial bubbles. Monetary hawk and dove A monetary hawk, or hawk for short, is someone who advocates keeping inflation low as the top priority in monetary policy. In contrast, a monetary

pos: NAIRU explaining all inflation. Instead, it is possible to move along a "short run" Phillips Curve (even though the NAIRU theory says that this curve shifts in the "longer run") so that unemployment can rise or fall due to changes in inflation. Exogenous supply-shock inflation is also possible, as with the "energy crises" of the 1970s or the credit crunch of the early 21st century. The NAIRU theory was mainly intended as an argument against active Keynesian demand management and in favor of free markets (at least on the macroeconomic level). Monetarists instead support the generalized assertion that the correct approach

pos: Differential accumulation price of oil from 2004 to 2008 helped to sustain inflation, but with a looming threat of cheap manufactured goods from developing countries. Deflation in 2008 had become a looming threat. Instead of focusing on the start of the US financial crisis, Nitzan and Bichler focus on bear markets, the periods during which stocks (as measured in constant-dollars) were in a downward trend or where each successive peak is lower than the previous one. By their reckoning a protracted Bear market has existed since 1999, which points to a much more entrenched accumulation crisis. Nitzan and Bichler argue that there

pos: Deflation more usual scenario of inflation, whose effect is to tax currency holders and lenders (savers) and use the proceeds to subsidize borrowers, including governments, and to cause malinvestment as overinvestment. Thus inflation encourages short term consumption and can similarly over-stimulate investment in projects that may not be worthwhile in real terms (for example the housing or Dot-com bubbles), while deflation retards investment even when there is a real-world demand not being met. In modern economies, deflation is usually caused by a drop in aggregate demand, and is associated with economic depression, as occurred in the Great Depression and the Long

pos: Penrose tiling one generation of deflation, each tile is replaced with two or more new tiles that are scaled-down versions of tiles used in the original tiling. The substitution rules guarantee that the new tiles will be arranged in accordance with the matching rules. Repeated generations of deflation produce a tiling of the original axiom shape with smaller and smaller tiles. This rule for dividing the tiles is a subdivision rule. Inflation and deflation yield a method for constructing kite and dart (P2) tilings, or rhombus (P3) tilings, known as "up-down generation". The Penrose tilings, being non-periodic, have no translational symmetry –

pos: Pulmonary surfactant inflation/deflation of a normal lung show that the volumes obtained during deflation exceed those during inflation, at a given pressure. This difference in inflation and deflation volumes at a given pressure is called hysteresis and is due to the air-water surface tension that occurs at the beginning of inflation. However, surfactant decreases the alveolar surface tension, as seen in cases of premature infants suffering from infant respiratory distress syndrome. The normal surface tension for water is 70 dyn/cm (70 mN/m) and in the lungs it is 25 dyn/cm (25 mN/m); however, at the end of the expiration, compressed surfactant phospholipid

pos: Economy of Spain rate in 40 years, followed shortly afterwards, in March 2009 by a negative inflation rate for the first time since the gathering of these statistics started. Subsequently, apart from temporary minor oil shocks, the Spanish economy has generally oscillated between slightly negative to near-zero inflation rates during the 2009−early 2016 period. Analysts reckoned that this was not synonymous with deflation, due to the fact that GDP had been growing since 2014, domestic consumption had rebounded as well and, especially, because core inflation remained slightly positive. Indeed, as the impact of cheaper fuel prices faded and economic recovery took hold, moderate

pos: Mohammad Reza Pahlavi repeat the past mistakes and illegalities, the cruelty and corruption." Despite this, the royal family's wealth can be seen as one of the factors behind the Iranian revolution. This was due to the oil crises of the 1970s which increased inflation resulting in economic austerity measures which made lower class workers more inclined to protest. Mohammad Reza's wealth remained considerable during his time in exile. While staying in the Bahamas he offered to purchase the island that he was staying on for $425 million (in 1979 USD), however his offer was rejected by the Bahamas which claimed that the island

pos: Unit of account the purchasing power or real value of monetary values constant during inflation and deflation. Money is generally never perfectly stable in real value which is the fundamental problem with traditional historical cost accounting which is based on the stable measuring unit assumption. The unit of account in economics suffers from the pitfall of not being stable in real value over time because money is generally not perfectly stable in real value during inflation and deflation. Inflation destroys the assumption that the real value of the unit of account is stable which is the basis of classic accountancy. In such circumstances,

pos: The Great Wave (book) by accelerating worldwide inflation after 1962. Though inflation had ended by 1996, Fischer speculated (1996) that ‘the great wave of the 20th century (approaches) its climax’ and that ‘A major war in the Middle East or eastern Europe or elsewhere could reignite inflation.’ Fischer observed that these movements were not cycles but waves, with no fixed periodicity. Each wave had six common features. Chronologically, these were; 1), prolonged prosperity, 2) political disorder, 3) inflation spiral, 4) spiritual crisis, 5) revolution, deflation, 6) long era of equilibrium. Fischer predicted (1996) that ‘the price revolution of the 20th century has yet to

pos: The Great Deflation result in inflation. The Great Deflation The Great Deflation or the Great Sag refers to the period from 1870 until 1890 in which the world prices of goods, materials and labor decreased, although at a low rate of less than 2% annually. This is one of the few sustained periods of deflationary growth in the history of the United States. This had a negative effect on businesses in established industrial economies such as that of the United Kingdom of Great Britain and Ireland while simultaneously allowing strong growth in the United States which was just beginning to industrialize. There were

pos: Deflation financing (or leveraging) is common among many types of investments, the costs of deflation to borrowers has grown larger. Deflation can discourage private investment, because there is reduced expectations on future profits when future prices are lower. Consequently, with reduced private investments, spiraling deflation can cause a collapse in aggregate demand. Without the "hidden risk of inflation", it may become more prudent for institutions to hold on to money, and not to spend or invest it (burying money). They are therefore rewarded by holding money. This "hoarding" behavior is seen as undesirable by most economists, as Hayek points out: Some

pos: Chained volume series Chained volume series A chained volume series is a series of economic data (such as GDP, GNP or similar kinds of data) from successive years, put in real (or constant, i.e., inflation- and deflation-adjusted) terms by computing the production volume for each year in the prices of the preceding year, and then 'chain linking' the data together to obtain a time-series of production figures from which the effects of price changes (i.e., monetary inflation or deflation) have, at least in theory, been removed. In other words, from the raw GDP or GNP data, which reflect changes in both production volume

pos: Chained volume series had used the Laspeyres index, a fixed-weight method. Chained volume series A chained volume series is a series of economic data (such as GDP, GNP or similar kinds of data) from successive years, put in real (or constant, i.e., inflation- and deflation-adjusted) terms by computing the production volume for each year in the prices of the preceding year, and then 'chain linking' the data together to obtain a time-series of production figures from which the effects of price changes (i.e., monetary inflation or deflation) have, at least in theory, been removed. In other words, from the raw GDP or GNP

pos: Historical cost automatically maintain the real value of constant real value non-monetary items, e.g. issued share capital, retained income, other shareholder equity items, trade debtors, trade creditors, etc., constant for an unlimited period of time in all entities that at least in real value at all levels of inflation and deflation - all else being equal. This is because the CMUCPP model is generally viewed by accountants as a 1970s failed inflation accounting model that requires all non-monetary items - variable real value non-monetary items and constant real value non-monetary items - to be inflation-adjusted by means of the Consumer Price Index.

pos: Hering–Breuer reflex reflex should not be confused with the deflation reflex discovered by the same individuals, Hering and Breuer. The majority of this page discusses the "inflation" reflex; the deflation reflex is considered separately at the end. Josef Breuer and Ewald Hering reported in 1868 that a maintained distention of the lungs of anesthetized animals decreased the frequency of the inspiratory effort or caused a transient apnea. The stimulus was therefore pulmonary inflation. The Hering-Breuer reflex, put simply, is what keeps the lungs from over-inflating with inspired air. The neural circuit that controls the Hering–Breuer inflation reflex involves several regions of the

pos: Inflation targeting more likely than deflation to cause an economic contraction. Andrew Atkeson and Patrick J. Kehoe wrote, Effectively, Friedman was arguing for a negative (moderately deflationary) inflation target. There were 27 countries regarded by the Bank of England's Centre for Central Banking Studies as fully fledged inflation targeters at the beginning of 2012. Other lists count 26 or 28 countries as of 2010. Since then, the United States and Japan have also adopted inflation targets although the Federal Reserve, like the European Central Bank, does not consider itself to be an inflation-targeting central bank. In addition, South Korea (Bank of Korea)

pos: Deflation gold and silver, which rose against the percentage of national bank and legal tender notes. Furthermore, Wells argued that the deflation only lowered the cost of goods that benefited from recent improved methods of manufacturing and transportation. Goods produced by craftsmen did not decrease in price, nor did many services, and the cost of labor actually increased. Also, deflation did not occur in countries that did not have modern manufacturing, transportation and communications. By the end of the 19th century, deflation ended and turned to mild inflation. William Stanley Jevons predicted rising gold supply would cause inflation decades before it

pos: Monetary-disequilibrium theory theory for a long time now. Mostly modern Austrian economists emphasize on the effects of inflation than the harm caused by rapid deflation. This is mainly because inflation is a more immediate problem in the current system and deflation is a result of prior inflation. Over the last few years preventing deflation by inflating the money supply has quite worked out and thus it would be better if we limit the monetary expansion on the first place. Leland Yeager's theory of monetary disequilibrium is simpler than the Austrian School of thought but it leaves out important parts of the economic

pos: Deflation the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the asking price for their goods. When this happens, consumers pay less for those goods, and consequently deflation has occurred, since purchasing power has increased. Rising productivity and reduced transportation cost created structural deflation during the accelerated productivity era from 1870–1900, but there was mild inflation for about a decade before the establishment of the Federal Reserve in 1913. There was inflation during World War I, but deflation returned again after the war and during the 1930s depression. Most nations abandoned the

pos: 1980 United States presidential election the United States Senate for the first time since 1955. Carter won 41% of the vote but carried just six states and Washington, D.C. Anderson won 6.6% of the popular vote, and he performed best among liberal Republican voters dissatisfied with Reagan. Reagan, then 69, was the oldest person to ever be inaugurated as President until the inauguration of Donald Trump in 2017, who was 70. Throughout the 1970s, the United States underwent a wrenching period of low economic growth, high inflation and interest rates, and intermittent energy crises. By October 1978, Iran—a major oil supplier to the United States

pos: Economic history of the Republic of Ireland 1976 in all totalling about a year affecting most of the retail banking sector. Surprisingly these had very little effect on the growth of the economy. In 1973, together with Denmark and the United Kingdom, Ireland joined the European Economic Community, which started a catching up process with the rest of Europe. However the boom did not last for long. Industrial relations disputes, inflation from the oil crises of 1973 and 1979, new capital taxes and poor management of the economy by the government took their toll in the 1970s. By the 1980s Ireland was referred to as the 'sick

pos: Indexed unit of account as contracts written in nominal currency units and nominal monetary items, incur inflation or deflation risk in the case of monetary items. During all periods of inflation (low, high or hyperinflation), the debtor pays less in real terms than what both the debtor and creditor agreed at the original time of the contract/sale. On the other hand, in periods of deflation, the debtor pays more in real terms than the original agreed value. The opposite is true for creditors. Contracts and constant real value non-monetary items accounted in daily indexed units of account, Daily CPI or monetized daily indexed units

pos: Indexed unit of account of account incur no inflation or deflation risk, as the real value of payments and outstanding capital amounts remain constant over time while the nominal values are inflation- or deflation-indexed daily. Indexation is typically achieved by adjusting payments and outstanding capital as well as interest values using a Daily consumer price index or a monetized daily indexed unit of account. A monetized daily indexed unit of account, called the Unidad de Fomento was introduced in Chile in 1967, but it was only in the early 1980s that it was widely adopted by both the Chilean people and the Chilean government.

pos: Whip inflation now of the worst economic crises in US history, marked by high unemployment and inflation rising to 12.3% that year following the 1973 oil crisis. As a Republican, Ford favored the WIN campaign's emphasis on addressing the problem through voluntary actions of citizens, instead of price restrictions imposed centrally by a big government bureaucracy. The campaign began in earnest with the establishment by the 93rd Congress of the National Commission on Inflation, which Ford closed with an address to the American people, asking them to send him a list of ten inflation-reducing ideas. Ten days later, Ford declared inflation "public enemy

pos: Inflation In Marxian economics, the unemployed serve as a reserve army of labor, which restrain wage inflation. In the 20th century, similar concepts in Keynesian economics include the NAIRU (Non-Accelerating Inflation Rate of Unemployment) and the Phillips curve. Monetarists believe the most significant factor influencing inflation or deflation is how fast the money supply grows or shrinks. They consider fiscal policy, or government spending and taxation, as ineffective in controlling inflation. The monetarist economist Milton Friedman famously stated, ""Inflation is always and everywhere a monetary phenomenon."" Monetarists assert that the empirical study of monetary history shows that inflation has always been

pos: Inflation slow or stop the growth of the money supply, and reduce the money supply. Some banks have a symmetrical inflation target while others only control inflation when it rises above a target, whether express or implied. Today, most economists favor a low and steady rate of inflation. In most countries, central banks or other monetary authorities are tasked with keeping their inter-bank lending rates at low stable levels, normally to a target annual rate of about 2% to 3%. Central bankers target a low inflation rate because they believe that high inflation is economically costly, whereas deflation endangers the economy

pos: Historical cost of constant purchasing power at all levels of inflation and deflation: the CMUCPP model. The specific choice of measuring financial capital maintenance in units of constant purchasing power (the CMUCPP model) at all levels of inflation and deflation as contained in the Framework for the Preparation and Presentation of Financial Statements, was approved by the International Accounting Standards Board's predecessor body, the International Accounting Standards Committee Board, in April 1989 for publication in July 1989 and adopted by the IASB in April 2001. "In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must

pos: Elo rating system players were improving faster than what the rating system was able to track. As a result, established players with stable ratings started to lose rating points to the young and underrated players. Several of the older established players were frustrated over what they considered an unfair rating decline, and some even quit chess over it. Because of the significant difference in timing of when inflation and deflation occur, and in order to combat deflation, most implementations of Elo ratings have a mechanism for injecting points into the system in order to maintain relative ratings over time. FIDE has two inflationary

pos: Inflation in Romania gradually liberalized, inflation began to rise. The inflation went down due to the economic growth, but in 1997, following the elimination of subsidies, a new inflation bout occurred. Inflation in Romania Inflation in Romania was a major issue during the 1990s, when the yearly inflation reached a peak of 256% in 1993. Since then, the inflation has slowly decreased, reaching a period of deflation in 2015. For most of the Socialist era, inflation was relatively low, due to the centrally-planned economy. Exceptions were at the beginning of the 1980s austerity policy in Romania, when prices were risen in order to

pos: Inflation price of gold and the value of currency would fall, and consequently prices of all other goods would become higher. Other economic concepts related to inflation include: deflation a fall in the general price level; disinflation a decrease in the rate of inflation; hyperinflation an out-of-control inflationary spiral; stagflation a combination of inflation, slow economic growth and high unemployment; reflation an attempt to raise the general level of prices to counteract deflationary pressures; and Asset price inflation a general rise in the prices of financial assets without a corresponding increase in the prices of goods or services. Inflation expectations or

pos: Peak oil in the following years, it has never come back to the previous levels. Oil price began to increase again during the 2000s until it hit historical heights of $143 per barrel (2007 inflation adjusted dollars) on 30 June 2008. As these prices were well above those that caused the 1973 and 1979 energy crises, they contributed to fears of an economic recession similar to that of the early 1980s. It is generally agreed that the main reason for the price spike in 2005–2008 was strong demand pressure. For example, global consumption of oil rose from in 2004 to 31 billion

pos: Domestic policy of the George W. Bush administration associated with implementing NCLB, as well as the impacts of the economic downturn on education budgets. According to the National Bureau of Economic Research, the economy suffered from a recession that lasted from March 2001 to November 2001. During the Bush Administration, Real GDP has grown at an average annual rate of 2.5%. Inflation under Bush has remained near historic lows at about 2-3% per year. The recession and a drop in some prices led to concern about deflation from mid-2001 to late 2003. More recently, high oil prices have caused concern about increasing inflation. Long-term problems include inadequate investment

pos: Price stability Price stability Price stability is a goal of monetary and fiscal policy aiming to support sustainable rates of economic activity. Policy is set to maintain a very low rate of inflation or deflation. For example, the European Central Bank (ECB) describes price stability as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the Euro area of below 2%. However, by referring to “an increase in the HICP of below 2%” the ECB makes clear that not only persistent inflation above 2% but also deflation (i.e. a persistent decrease of the general price level) are inconsistent with

pos: Great Depression 1933 when Franklin D. Roosevelt took office. Consumer prices turned from deflation to a mild inflation, industrial production bottomed out in March 1933, and investment doubled in 1933 with a turnaround in March 1933. There were no monetary forces to explain that turn around. Money supply was still falling and short term interest rates remained close to zero. Before March 1933 people expected further deflation and a recession so that even interest rates at zero did not stimulate investment. But when Roosevelt announced major regime changes people began to expect inflation and an economic expansion. With these positive expectations, interest

pos: Macroeconomics to a recession can lead to lower price levels and deflation. A negative supply shock, such as an oil crisis, lowers aggregate supply and can cause inflation. The AD-AS model has become the standard textbook model for explaining the macroeconomy. This model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply. The aggregate demand curve's downward slope means that more output is demanded at lower price levels. The downward slope is the result of three effects: the Pigou or real balance effect, which states that as real prices fall, real wealth

pos: Disinflation rate. The general price level still rises, but at a slower rate resulting in a lower rate of real value destruction in money and other monetary items. Deflation is a sustained decrease in the general price level (negative inflation rate) resulting in a sustained increase in the real value of money and other monetary items. Money and other monetary items are worth more all the time during deflation as opposed to being worth less all the time during inflation. Deflation causes an increase in the real value of money and other monetary items. The Phillips Curve shows that there is

pos: Inflation in Romania Inflation in Romania Inflation in Romania was a major issue during the 1990s, when the yearly inflation reached a peak of 256% in 1993. Since then, the inflation has slowly decreased, reaching a period of deflation in 2015. For most of the Socialist era, inflation was relatively low, due to the centrally-planned economy. Exceptions were at the beginning of the 1980s austerity policy in Romania, when prices were risen in order to reduce consumption and allow the government to pay back the foreign debt. Following the onset of liberal economic reforms in November 1990, as prices and exchange rates were

pos: Causes of the Great Depression prices turned from deflation to a mild inflation, industrial production bottomed out in March 1933, investment doubled in 1933 with a turnaround in March 1933. There were no monetary forces to explain that turnaround. Money supply was still falling and short term interest rates remained close to zero. Before March 1933, people expected a further deflation and recession so that even interest rates at zero did not stimulate investment. But when Roosevelt announced major regime changes people began to expect inflation and an economic expansion. With those expectations, interest rates at zero began to stimulate investment as planned. Roosevelt's fiscal

pos: Crush spread will be interested in the crush spread as part of its hedging strategy, traders as part of its risk management strategy, speculators will look at the crush spread for trading opportunities. Soybeans processors can use the crush spread in order to lock in a gross profit margin, and cover the risk of adverse price fluctuation: inflation of soybeans inputs and deflation of outputs such as soybean mean and soybean oil. Traders use soybean crush spreads as a risk management strategy by "combining soybean, soybean oil and soybean meal futures positions, into a single position". The spread position is then used

pos: Deflation meet the sudden demand for cash see fractional-reserve banking). From the standpoint of the Fisher equation (see above), there was a concomitant drop both in money supply (credit) and the velocity of money which was so profound that price deflation took hold despite the increases in money supply spurred by the Federal Reserve. Throughout the history of the United States, inflation has approached zero and dipped below for short periods of time (negative inflation is deflation). This was quite common in the 19th century, and in the 20th century until the permanent abandonment of the gold standard for the Bretton

pos: Gold as an investment include the price of oil, the use of quantitative easing, currency exchange rate movements and returns on equity markets. Gold, like all precious metals, may be used as a hedge against inflation, deflation or currency devaluation, though its efficacy as such has been questioned; historically, it has not proven itself reliable as a hedging instrument. A unique feature of gold is that it has no default risk. As Joe Foster, portfolio manager of the New York-based Van Eck International Gold Fund, explained in September 2010: Deutsche Bank's view of the point at which gold prices can be considered close to

pos: Inflation is deflation (negative inflation rate). Inflation affects economies in various positive and negative ways. The negative effects of inflation include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, and if inflation were rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. Positive effects include reducing unemployment due to nominal wage rigidity. Economists generally believe that the high rates of inflation and hyperinflation are caused by an excessive growth of the money supply. Views on which factors determine low to

pos: Cost-push inflation Cost-push inflation Cost-push inflation is a type of inflation caused by substantial increases in the cost of important goods or services where no suitable alternative is available. It stands in contrast to demand-pull inflation. Both accounts of inflation have at various times been put forward with oftentimes inconclusive evidence as to which explanation is superior. A situation that has been often cited of this was the oil crisis of the 1970s, which some economists see as a major cause of the inflation experienced in the Western world in that decade. It is argued that this inflation resulted from increases in

pos: World War I reparations believed that the Mark was being sabotaged to avoid budgetary and currency reform and to evade reparations. Sally Marks writes that the Germans claimed that reparations destroyed the Mark. Marks writes that historians who say reparations caused hyperinflation have overlooked "that the inflation long predated reparations" and the way "inflation mushroomed" between mid-1921 and the end of 1922 "when Germany was actually paying very little in reparations" and have failed to explain why "the period of least inflation coincided with the period of largest reparation payments ... or why Germans claimed after 1930 that reparations were causing deflation". She writes

pos: Economy of Honduras actual figures were 8.8 percent in 1992 and an estimated 10.7 percent for 1993. Hondurans had been accustomed to low inflation (3.4 percent in 1985, rising to 4.5 percent by the end of 1986), partly because pegging the lempira to the dollar linked Honduras's inflation rate to inflation rates in developed countries. But the expectation for low inflation made the reality of high inflation that much worse and created additional pressures on the government for action when inflation soared in 1990. Between 1980 and 1983, 20 percent of the work force was unemployed—double the percentage of the late 1970s. Job

pos: A Monetary History of the United States became more popular as Keynesian stabilizers failed to ameliorate the stagflation of the 1970s and political winds shifted away from government intervention in the market into the 1980s and 1990s. During this period, the Federal Reserve was recognized as a critical player in setting interest rates to counter excessive inflation and also to prevent deflation that could lead to real economic distress. The book lays most of the blame for the Great Depression upon the Federal Reserve, arguing that it did not do enough to prevent the Depression. Economists such as Peter Temin have raised questions about whether or not

pos: Penrose tiling not close up. There can be at most one center point of global fivefold symmetry: if there were more than one, then rotating each about the other would yield two closer centers of fivefold symmetry, which leads to a mathematical contradiction. There are only two Penrose tilings (of each type) with global pentagonal symmetry: for the P2 tiling by kites and darts, the center point is either a "sun" or "star" vertex. Many of the common features of Penrose tilings follow from a hierarchical pentagonal structure given by "substitution rules": this is often referred to as "inflation" and "deflation", or

pos: Embedded liberalism anticipated to be an enduring change, with extreme free market thinking permanently relegated to the fringe. He was wrong. Harvey argues that while embedded liberalism led to the surge of economic prosperity which came to define the 1950s and 1960s, the system began to crack beginning in the late 1960s. The 1970s were defined by an increased accumulation of capital, unemployment, inflation (or stagflation as it was dubbed), and a variety of fiscal crises. He notes that "the embedded liberalism that had delivered high rates of growth to at least the advanced capitalist countries after 1945 was clearly exhausted and

pos: Monetary policy of the Philippines low. Errors in CPI measurement could lead to ineffective and unsuitable monetary policy response by the BSP which definitely result to detrimental effects to the economy. Another issue arising from monetary policies is the liquidity trap. This happens when inflation rate declines too much leading to a threat of deflation. Liquidity trap is defined as a situation in which there are zero nominal interest rates, persistent deflation and deflation expectations. In the event this occurs, bonds and money earn the same real rate of return thus making people indifferent to holding bonds or excess money. Given high budget deficits, the

pos: Marcelo Caetano funds to increase the investments in the economy. Some large scale investments were made at national level, such as the building of a major oil processing centre in Sines. The economy reacted very well at first, but into the 1970s some serious problems began to show, due in part to two-digit inflation (from 1970 and on) and to the short-term effects of the 1973 oil crisis (despite the largely unexploited oil reserves that Portugal had in its overseas territories of Angola and São Tomé and Príncipe that by 1973 were being developed at a fast pace, and were promising sources

pos: Fiscal policy of the United States national debt that was close to $1 billion at the beginning of the 20th century. The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion. In 1971, at Bretton Woods, the US went off the gold standard allowing the dollar to float. Shortly after that, the price of oil was pegged to gold rather than the dollar by OPEC. The 70s were marked by oil shocks, recessions and inflation in the US. From fiscal years 1970 to 1997; although the country was nominally at

pos: Reich Party for Civil Rights and Deflation Party. Reich Party for Civil Rights and Deflation The Reich Party for Civil Rights and Deflation (), also known as the People's Justice Party ("Volksrechtpartei", VRP), was a political party active in the Weimar Republic in Germany. The inflation crisis of 1923 sparked numerous calls from revaluation and, whilst measures to this end were introduced in 1925, they did not satisfy many advocates of the policy and so in 1926 the "Sparerbund für das Deutsche Reich" decided to form its own political party. The party set itself up as the defender of savers and called for the creation of as

pos: Reich Party for Civil Rights and Deflation Reich Party for Civil Rights and Deflation The Reich Party for Civil Rights and Deflation (), also known as the People's Justice Party ("Volksrechtpartei", VRP), was a political party active in the Weimar Republic in Germany. The inflation crisis of 1923 sparked numerous calls from revaluation and, whilst measures to this end were introduced in 1925, they did not satisfy many advocates of the policy and so in 1926 the "Sparerbund für das Deutsche Reich" decided to form its own political party. The party set itself up as the defender of savers and called for the creation of as broad

pos: Debt deflation debtor and creditor, and is thus politically contentious or requires much labor. A categorical method of debt relief is inflation, which reduces the "real" debt burden, as debts are generally "nominally" denominated: if wages and prices double, but debts remain the same, the debt level drops in half. The effect of inflation is more pronounced the higher the debt to GDP ratio is: at a 50% ratio, one year of 10% inflation reduces the ratio by approximately formula_1 to 45%, while at a 300% ratio, one year of 10% inflation reduces the ratio by approximately formula_2 to 270%. In terms

pos: Seigniorage consistently inflationary policies of the bank. Economists counter that deflation is hard to control once it sets in and its effects are much more damaging than modest, consistent inflation. Banks or governments relying heavily on seigniorage and fractional reserve sources of revenue can find it counterproductive. Rational expectations of inflation take into account a bank's seigniorage strategy, and inflationary expectations can maintain high inflation. Instead of accruing seigniorage from fiat money and credit, most governments opt to raise revenue primarily through formal taxation and other means. In the book "Inflation Tax: The Plan To Deal With The Debts", there are

pos: Interest they are insufficient to compensate for inflation: for example at times of high inflation during, e.g., the oil crisis; and currently (2011) when real yields on many inflation-linked government stocks are negative. There is always the risk the borrower will become bankrupt, abscond or otherwise default on the loan. The risk premium attempts to measure the integrity of the borrower, the risk of his enterprise succeeding and the security of any collateral pledged. For example, loans to developing countries have higher risk premiums than those to the US government due to the difference in creditworthiness. An operating line of credit

pos: Estado Novo (Portugal) of a major oil processing centre in Sines. The economy reacted very well at first, but into the 1970s some serious problems began to show, due in part to two-digit inflation (from 1970 and on) and to the effects of the 1973 oil crisis. However, the oil crisis of 1973 had a potentially beneficial effect to Portugal because the largely unexploited oil reserves that Portugal had in its overseas territories of Angola, and São Tomé and Príncipe were being developed at a fast pace. Although Caetano was fundamentally an authoritarian, he did make some efforts to open up the regime.

pos: Price stability Federal Open Market Committee’s 2% target for overall PCE inflation. Trend inflation as measured by the price index of core personal consumption expenditures (PCE) – that is, excluding food and energy – has fluctuated between 1.2% and 2.3% over the past 20 years. In managing the rate of inflation or deflation, information and expectations play an important role, as explained by Jeffrey Lacker, President of the Federal Reserve Bank of Richmond: "If people expect inflation to erode the future value of money, they will rationally place a lower value on money today. This principle applies equally well to the price-setting

pos: Monetary policy of zero rates, resulting in inflation rates decreasing to almost zero or even deflation. The anchors discussed in this article suggest that keeping inflation at the desired level is feasible by setting a target interest rate, money supply growth rate, price level, or rate of depreciation. However, these anchors are only valid if a central bank commits to maintaining them. This, in turn, requires that the central bank abandons their monetary policy autonomy in the long run. Should a central bank use one of these anchors to maintain a target inflation rate, they would have to forfeit using other policies.

pos: Hering–Breuer reflex deflated. It is initiated either by stimulation of stretch receptors or stimulation of proprioceptors activated by lung deflation. Like the inflation reflex, impulses from these receptors travel afferently via the vagus. Unlike the inflation reflex, the afferents terminate on inspiratory centers rather than the pontine apneustic center. These reflexes appear to play a more minor role in humans than in non-human mammals. Hering–Breuer reflex The Hering–Breuer inflation reflex, named for Josef Breuer and Ewald Hering, is a reflex triggered to prevent over-inflation of the lung. Pulmonary stretch receptors present in the smooth muscle of the airways respond to excessive stretching

pos: Oil depletion to alternative energy sources, could still cause substantial economic hardship such as a recession or depression due to higher energy prices. Inflation has also been linked to oil price spikes. However, economists disagree on the strength and causes of this association. See Energy crisis. Rising oil prices cause rising food prices in three ways. First, increased equipment fuel costs drive higher prices. Second, transportation costs increase retail prices. Third, higher oil prices are causing farmers to switch from producing food crops to producing biofuel crops. An alternative considered likely by some is that oil will be replaced with renewable energy

pos: Hyman Minsky the potential to spin out of control. In such processes, the economic system's reactions to a movement of the economy amplify the movement – inflation feeds upon inflation and debt-deflation feeds upon debt deflation." In other words, people are momentum investors by nature, not value investors. People naturally take actions that expand the high and low points of cycles. One implication for policymakers and regulators is the implementation of counter-cyclical policies, such as contingent capital requirements for banks that increase during boom periods and are reduced during busts. In his book "John Maynard Keynes" (1975), Minsky criticized the neoclassical synthesis'

neg: Differential accumulation an actual reduction in supply. Differential accumulation provides an alternative view to the Great Depression of the 1930s and the global financial crisis of 2008 - 2009. Both of these crises are crises of deflation, and thus crises of accumulation. Businesses not only try to beat the average rate of accumulation, but struggle to avoid the threat of deflation. Deflation brings social destabilization and threatens capitalist accumulation. The overall debt burden of 2008 increases the deflationary threat over that from the Great Depression. Nitzan and Bichler state that the 2002 ratio of total debt to GDP in the US reached

neg: 1970s energy crisis of increased oil revenue in the Oil Patch states generally offset much of this. 1970s energy crisis The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United

neg: 1970s energy crisis 1970s energy crisis The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and

neg: Electricity sector in New Zealand generates nearly all of New Zealand's fossil-fuelled electricity. Up until the 1950s, fossil-fuelled stations were small-scale and usually fuelled by coal or coal by-products, providing electricity to cities yet to be connected to hydro schemes and to provide additional support to such schemes. Large-scale coal-fired generation came in 1958 with the establishment of the 210 MW Meremere Power Station. Oil-fired stations such as Otahuhu A, Marsden A&B, and New Plymouth were commissioned in the late 1960s and early 1970s. The discovery of natural gas off the Taranaki coast, and the oil crises of the 1970s, saw oil-fueled stations converted to

neg: Balance of payments case in the pre-war period. Deficit nations such as Great Britain found it harder to adjust by deflation as workers were more enfranchised and unions in particular were able to resist downwards pressure on wages. During the Great Depression most countries abandoned the gold standard, but imbalances remained an issue and international trade declined sharply. There was a return to mercantilist type "beggar thy neighbour" policies, with countries competitively devaluing their exchange rates, thus effectively competing to export unemployment. There were approximately 16 BoP crises and 15 twin crises (and a comparatively very high level of banking crises.) Following World

neg: Energy in Japan the country's energy needs as an emissions-free energy source. This will help Japan meet climate change commitments. In the wake of the two oil crises of the 1970s (1973 and 1979), Japan made efforts to diversify energy resources in order to increase security. Japan's domestic oil consumption dropped slightly, from around of oil per day in the late 1970s to per day in 1990. While the country's use of oil declined, its consumption of nuclear power and Natural gas rose substantially. Several Japanese industries, including electric power companies and steelmakers, switched from petroleum to coal, most of which is imported.

neg: Deflation owed money to a bank whose deposits had been frozen would sometimes buy bank books (deposits of other people at the bank) at a discount and use them to pay off their debt at par value. Deflation occurred periodically in the U.S. during the 19th century (the most important exception was during the Civil War). This deflation was at times caused by technological progress that created significant economic growth, but at other times it was triggered by financial crises — notably the Panic of 1837 which caused deflation through 1844, and the Panic of 1873 which triggered the Long Depression

neg: Manufacturing in Hong Kong into commercial or residential areas. After Hong Kong became a fully industrialised city, its economy faced two major crises in the 1970s, namely the oil crisis and the rise of other industrial states and cities with similar economic structures, such as Singapore, South Korea, Taiwan, Brazil and Mexico. The first three, along with Hong Kong, are known collectively as the Four Asian Tigers. Before this, the city's economy had faced little competition since Hong Kong's industrial development was earlier than the industrial development of most others. To rescue the city's manufacturing industry, several measures were taken. First, relatively new industries

neg: Economic bubble the crisis itself. This was one of the earliest modern financial crises; other episodes were referred to as "manias", as in the Dutch tulip mania. The metaphor indicated that the prices of the stock were inflated and fragile – expanded based on nothing but air, and vulnerable to a sudden burst, as in fact occurred. Some later commentators have extended the metaphor to emphasize the suddenness, suggesting that economic bubbles end "All at once, and nothing first, / Just as bubbles do when they burst," though theories of financial crises such as debt-deflation and the Financial Instability Hypothesis suggest instead

neg: Edgar Allan Poe: Once Upon a Midnight Edgar Allan Poe: Once Upon a Midnight Edgar Allan Poe: Once Upon a Midnight is a one man play starring John Astin as Edgar Allan Poe. Astin said, of why he wanted to do a play on Poe, "I feel that Poe, through his own tortured existence, gained deep insight into the nature of the universe, along with an intense love and appreciation for life itself. Through this play I want to share that impression with others." The story is told through Poe's eyes, as he narrates his own life to the audience. He tells of his childhood, his time

neg: Take Me Out to the Ball Game the chorus is usually sung with a pause in the middle of the word "Cracker", giving "Cracker Jack" a pronunciation "Crac---ker Jack". Also, there is a noticeable pause between the first and second "root". The song (or at least its chorus) has been recorded or cited countless times in the years since it was written. The first verse of the 1927 version is sung by Gene Kelly and Frank Sinatra at the start of the MGM musical film, "Take Me Out to the Ball Game" (1949), a movie that also features a song about the famous and fictitious double-play combination,

neg: Lebanese Democratic Party Lebanese Democratic Party The Lebanese Democratic Party ( "Hizb al-democraty al-lubnany") is a political party in Lebanon established by Prince Talal Arslan in 2001. Prince Talal is the son of Lebanese Druze leader Emir Magid Arslan and has presided the party ever since its establishment. The Lebanese Democratic Party is officially secular and has members from all Lebanese sects, but most of its support comes from the Druze, who support the Arslan family. It is part of the March 8 Alliance. The party was represented in the Lebanese parliament in 2000 and in 2009. Emir Talal Arslan won a seat

neg: Fish oil do not actually produce omega-3 fatty acids, but instead accumulate them by consuming either microalgae or prey fish that have accumulated omega-3 fatty acids. Fatty predatory fish like sharks, swordfish, tilefish, and albacore tuna may be high in omega-3 fatty acids, but due to their position at the top of the food chain, these species may also accumulate toxic substances through biomagnification. For this reason, the United States Environmental Protection Agency recommends limiting consumption (especially for women of childbearing age) of certain (predatory) fish species (e.g. albacore tuna, shark, king mackerel, tilefish and swordfish) due to high levels of the

neg: Bragg–Gray cavity theory gas) is where Bragg–Gray cavity theory Bragg-Gray cavity theory relates the radiation dose in a cavity volume of material formula_1 to the dose that would exist in a surrounding medium formula_2 in the absence of the cavity volume. It was developed in 1936 by British scientists Louis Harold Gray, William Henry Bragg, and William Lawrence Bragg. Most often, material formula_1 is assumed to be a gas, however Bragg-Gray cavity theory applies to any cavity volume (gas, liquid, or solid) that meets the following Bragg-Gray conditions. When the Bragg-Gray conditions are met, then where In an ionization chamber,the dose to material

neg: Consumerism and the spread and importance of consumption fashions became steadily more important. The Industrial Revolution dramatically increased the availability of consumer goods, although it was still primarily focused on the capital goods sector and industrial infrastructure (i.e., mining, steel, oil, transportation networks, communications networks, industrial cities, financial centers, etc.). The advent of the department store represented a paradigm shift in the experience of shopping. For the first time, customers could buy an astonishing variety of goods, all in one place, and shopping became a popular leisure activity. While previously the norm had been the scarcity of resources, the industrial era