But Then In April Of 1985 The

The Only Way That We Can Reduce Our Financial Dependence On The Inflow Of Funds From The Rest Of The World Is To Reduce Our Trade Deficit.

A Second Reason Why Science Cannot Replace Judgement Is The Behavior Of Financial Markets.

Even If The Dollar Does Decline During The Coming Months, The Delays In The Response Of Exports And Imports To The More Competitive Dollar Will Mean That The Increase In Aggregate Demand From This Source May Not Happen For A Year Or More.

In Short, Both Experience And Economic Theory Imply That The Us Could Now T To A More Competitive Dollar Without Experiencing Either Increased Inflation Or Decreased Economic Growth.

Inflation Is Lower And More Stable And The Real Business Cycle Fluctuations Are More Modest.