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October 2022

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The Federal Reserve has a legal dual mandate to minimize unemployment and price inflation. The current “dual” between the two mandates is to reduce price inflation by increasing interest rates to increase unemployment and kill businesses to choke off aggregate

Is praxeology inconsistent? Praxeologists criticize neoclassical economists for using false assumptions in their models. For example, neoclassicals acknowledge that the conditions for “perfect competition” are never found in the actual world. Firms selling a good such as wheat may not