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The Keynesians, whose view was shaped by the experience of the Great Depression, in which deflation or falling prices was the big problem, underestimated the role of the Federal Reserve and monetary policy in generating inflation.
He said fracking operations were easier to set up and shut down than other kinds of extraction, so the industry's response to falling prices was quicker than analysts had expected.
At the bottom of the league table, with the fastest falling prices, was the Indian city of Chandigarh, the capital of the north Indian states of Punjab and Haryana, which has a population of 1 million and has been rated as India's wealthiest city.
One way to profit amid falling prices was to cash out.
The central bank also said inflation had been tamed in the near term and that the threat of falling prices was receding.
Similar(55)
Now, falling prices are causing major upheaval.
Volumes are falling, prices are rising and competition is fierce.
With the volume of sales falling, prices are sliding again.
The full impact of the falling prices is just emerging.
Some causes of the falling prices are clear.
It says that falling prices are proof that competition is vibrant.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com