[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-135957-en":3,"doc-seo-135957-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":11,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":26,"seo_description":14,"update_tm":27,"read_time":28},135957,687197207639,"Asher","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","SEPTEMBER 2015 Old Henry - Monthly Review - Issue 06","SEPTEMBER 2015 issue 06 of Old Henry (Monthly Review) presents an economist-focused feature on Milton Friedman, covering the Chicago school, monetarism, the equation of exchange, and key ideas on inflation, unemployment, the Phillips curve, rational expectations, and the natural rate hypothesis. The issue also includes research on the inflation–unemployment relationship in Bhutan, outlining the Phillips curve framework, data sources, and observed trends in unemployment over 2001–2013, emphasizing youth unemployment as a main driver.","ISSUE  \n06  \nSEPTEMBER 2015  \nOld Henry  \nRATIONAL EXPECTATIONS ECONOMICS SOCIETY  \nMONTHLY REVIEW  \nIN THIS ISSUE  \nKnow an Economist.. P.1 Inflation and Unemployment   P.2 & P.3  \nOld Henry Ford the first, now dead  \nReputedly, while living, said  \nAmerican should never lack  \nTheir model Ts, so long as black  \nThis way of acting still persists  \nProfessionals are reductionists And bureaucrats embrace the norm The programmes should be uniform  \nThe poor are look-alikesand weak  \nWe know their needs, they need not speak Our mass production sure to please  \nLet’s make our programmes model Ts  \nProvided By:  \nSanjeev Mehta, Professor of Economics  \n(From my note book and do not know whois the author)  \nStatus of Balance Payment in Bhutan. P4 –P5  \nOld Tradition, New Influences. P.6 Contractual Farming Bhutan.. P.7-P8  \nKnow an Economist:  \n‘Positively Yours': Milton Friedman (1912-2006)  \nMilton Friedman a US ‘Positive ’ economist, was awarded Nobel Prize in Economics in 1979 for his contributions in the areas of consumption analysis, monetary theory and stabilisation policy. His contribution are so immense that Karl Burton commented-“attempting to portray the work of Milton Friedman is like trying to catch the Niagara Falls in a pint pot.” Friedman and a group of Chicago economists came to be known as Chicago school. This group believed that within competitive market structure price system works to allocate resources efficiently and led to what is commonly known as neo classical revolution. Friedman always held that public policies should operate on the basis of rule and they should not be discretionary, which provided strong support for the independence of central Bank from legislatives controls. Friedman became a monetarist in mid 1950s. He established that equation exchange (MV=PT) was not merely a tautology but ‘an engine of analysis. He held this opinion at a time when experts, at that time, considered equation of exchange an intellectual vestige. Friedman helped to revive the quantity theory of money and offer it as an alternative (or, may be a superior alternative) to Keynesian analysis. He emphasized that money supply affects price behaviour, a notion that is well reflected by his famous quote-“Inflation is always and everywhere a monetary phenomenon”.  \nHe approached the problem of inflation and unemployment relationship (known as Phillips curve) form a different perspective and maintained that changes in unemployment rate is not related to variation in inflation rate but to the difference between inflation and expected inflation. He asserted that monetary policy can play a key role in affecting inflationary expectation and thereby the rate of unemployment. Using this tool he was also able to explain stagflation in USA in 1970s. He also used expectation augmented Phillips curve to describe the natural rate hypothesis-inability of monetary policy to affect real variables (such as employment, real interest and real GDP) in the long run. His theoretical analysis got strengthened by the work of his Chicago colleague Robert Lucas on rational expectations. Rational expectation hypothesis enabled Friedman and Edmond Phelps to explain independence of unemployment rate from the rate of inflation (concept of vertical Philips curve) . Friedman’s views on economic policies were not accepted by contemporary economists till 1970s. Further, Friedman also contributed in the field of consumption theory by providing logical explanation to the long term stability of average propensity to consume. He used analytical framework developed by Irving Fischer to explain inter-temporal allocation of consumption which smoothens the profile of consumption expenditure of an individual over the period of time. Analytical framework of Friedman’s philosophy was so powerful that it was bound to overcome stiff challenge from ‘Keynesians’ and be generally accepted. So powerful is the intellectual legacy of Friedman that his death anniversary is official","cbCaive06B2Z7N1C","https://ap.wps.com/l/cbCaive06B2Z7N1C","pdf",955661,1,"English","en",105,"# IN THIS ISSUE\n## Know an Economist.. P.1\n## Inflation and Unemployment Relationship in Bhutan - P.2 & P.3\n## Old Henry Ford the first, now dead\n## Status of Balance Payment in Bhutan. P4 – P5\n## Old Tradition, New Influences. P.6\n## Contractual Farming Bhutan.. P.7 – P.8\n## Know an Economist: 'Positively Yours' - Milton Friedman (1912-2006)\n## INFLATION AND UNEMPLOYMENT RELATION IN BHUTAN","[{\"question\":\"What is the core idea behind Friedman’s view of inflation and unemployment?\",\"answer\":\"Friedman argues that unemployment is related to the gap between actual inflation and expected inflation rather than inflation alone. Monetary policy can influence inflation expectations and therefore unemployment dynamics.\"},{\"question\":\"How does the Phillips curve framework change in the long run according to Friedman and Phelps?\",\"answer\":\"They use rational expectations to show that in the long run the inflation rate becomes independent of the unemployment level. This leads to an independence concept often described through a vertical long-run Phillips curve.\"},{\"question\":\"What data and period are used to study inflation and unemployment in Bhutan?\",\"answer\":\"The study uses 13 years of data from 2001 to 2013. Unemployment and inflation data are drawn from the Statistical Year Book of Bhutan for different years.\"}]","SEPTEMBER 2015 Old Henry - Monthly Review - Issue 06 | PDF",1787333272,20,{"code":4,"msg":30,"data":31},"ok",{"site_id":23,"language":22,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"september-2015-old-henry-monthly-review-issue-06","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/september-2015-old-henry-monthly-review-issue-06/135957/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":22,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-08-21",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What is the core idea behind Friedman’s view of inflation and unemployment?","Question",{"text":74,"@type":75},"Friedman argues that unemployment is related to the gap between actual inflation and expected inflation rather than inflation alone. Monetary policy can influence inflation expectations and therefore unemployment dynamics.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the Phillips curve framework change in the long run according to Friedman and Phelps?",{"text":79,"@type":75},"They use rational expectations to show that in the long run the inflation rate becomes independent of the unemployment level. This leads to an independence concept often described through a vertical long-run Phillips curve.",{"name":81,"@type":72,"acceptedAnswer":82},"What data and period are used to study inflation and unemployment in Bhutan?",{"text":83,"@type":75},"The study uses 13 years of data from 2001 to 2013. Unemployment and inflation data are drawn from the Statistical Year Book of Bhutan for different years.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":23},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":28,"slug":125},9,"Religion & Spirituality","religion-spirituality",{"id":28,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":28,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":105,"slug":136},19,"General","general"]