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Gibson's Paradox |
Also found in: Wikipedia | 0.04 sec. |
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Gibson's Paradox An observation that interest rates are correlated with wholesale prices rather than the inflation rate. Gibson's Paradox was first discussed by John Maynard Keynes in 1930; at the time, the idea was controversial, as most economists believed that interest rates correlated with changes to prices rather than the prices themselves. It is important to note that Gibson's paradox only applied when money was on the gold standard. See also: Keynesian economics. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| invalidation since 1995 of Gibson's Paradox -- that gold to around $270 rather than rising toward the $500 level as Gibson's paradox and the model of it constructed by Summers indicates they should have. to around $270 rather than rising toward the $500 level as Gibson's paradox and the model of it constructed by Barsky and Summers indicates they should have. |
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