| 姓名：Razer22 |  | 188.143.232.** | | 時間：2015/7/13 下午 01:40:17 | | ☆☆☆☆☆ | | Looking for work <a href=" http://veriora.ee/desvenlafaxine-fibromyalgia.pdf#bushes ">desvenlafaxine pregnancy</a> I think the view that inflation is costly is correct, but it has ***thing to do with optimal tax theory. It has instead to do with other considerations that are much more important, even if they are more difficult to model. First, standards should remain standard. Imagine the following conceptual experiment: Depreciate the pound--***t the British currency, but the American weight measure--by 10 percent each year so that what is a pound today would be 14.4 ounces next year and 12.96 ounces two years from ***w, and so forth. Some might contend that allowing the pound to lose value steadily wouldn't make a difference. Only real things matter,and you could just rede***minate the units and all the contracts could be written to be time contingent. But it would be costly to get organized to write those contracts. If I promised delivery of a pound of sugar, it would benefit me to delay as long as I could: the longer I waited, the less sugar I would have to deliver. That's exactly what happens with all payments when there is inflation. Consider cash management services at banks. One of these services provides faster depositing of checks. Think about the social gains versus the private gains that are producedw hen checks are deposited 簿聶翹faster. The private gains are significant:you earn more interest. Of course, the person who wrote the check earns less interest.As a first approximation,the social gain is zero. It is a form of rent-seeking.The higher the rate of inflation,the more rent-seeking will be observed. The more that one party seeks to delay paying bills, the more the other party will try to accelerate the payment of bills. This is all a waste of resources that can be avoided if there is little or *** inflation.
| |