In many cases farmers are able to grow higher-quality and better-yielding crops.
It would be interesting to study taxi drivers, bus drivers, and delivery men to discover the amount of carbomonoxyhemoglobin (CO-carrying hemoglobin) that is in their blood.
In effect Friedman and Scwartz are not blaming the Fed for creating asset market inflation (and as we have seen, this concept should include the empowerment of irrational forces across asset markets including the giant carry trades) by its polices through 1927 and earlier; but they are admitting that there could have been some degree of US stock market froth in 1928 onwards (into 1929( (in any case, Friedman and Scwartz do not explicitly refer to the concept of asset price inflation).
froth
As the mutual education of marriage is an individual affair,--as the more individualness, the more personalness there is in the relation is what the relation itself is for, the mutual education of employers and employees is going to be found to have more meaning, value and power, the more individual and personal--that is to say, the more alive it is.
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