On 03 Jan 2008 20:05:33 +0000, Prof. P. Arestis wrote:
> Dear Warren,
>
(snip)
>
> One point is this: some more extreme people would argue that low inflation
> is both a necessary and sufficient condition for optimal longterm growth and
> employment.

Dear Philip,

Agreed, and we will soon see if the Fed leans in that direction, as
they professed repeatedly before Sept of this year as the way they
complied with their dual mandate of price stability and full
employment.

Seems hard to imagine a change to something like “full employment is a
necessary condition for low and stable prices” but I suppose anything
is possible!

All the best,

Warren

>
> Best wishes,
>
> Philip