Index future convertibility: reply to Woolsey

Article Abstract:

The opposition to the claim that the BFH system is subject to the same kind of destabilizing speculation as would happen for a Fisherian Compensated Dollar Plan, is only partly justified. The claim that the speculation problem ensuing from differences between the official price of gold and the market price would not arise under the BFH system, because the absence of an official price ignores the fact that the price at which banks would have to sell gold is the official price. Every kind of discretionary monetary policy, intermediate targeting and monetary feedback is defective.

Monetary policy, Price control, Price regulations, Stock index futures, Woolsey, William W.

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A reply to Gaynor and Vogt, and Pauly

Article Abstract:

Martin Gaynor and William B. Vogt fight to keep the status quo in health care, and consumer sovereignty is one of their highest values. Concepts of economic theory such as the Pareto principle, consideration of what endogenous preferences imply, using cognitive dissonance theory to question consumer rationality, and considering whether consumer choices really show their preferences would help reform health care and have received little attention from health care economists.

United States, Health care reform, Gaynor, Martin, Vogt, William B., Pauly, Mark V.

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Changes in the Consumer Price Index

Article Abstract:

The Advisory Commission to Study the Consumer Price Index has determined that the CPI is overestimated. This is caused by six factors which are substitution or the tendency to shift to other goods and services, outlet substitution, new product bias, technological changes, defects in the equations used, and the use of small samples. Another factor which must be considered is the effect of the physical environment.

Economic indicators, Consumer price indexes

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