1) Discuss an economic concept or an aspect of the life of Anna Schwartz that you...

1) Discuss an economic concept or an aspect of the life of Anna Schwartz that you find interesting. You need to CLEARLY identify the source (i.e. name of the book and page, or link of the video and time, or name and link of the website). It is preferred that you use academic resources or books from the library.

2) How will you apply what you have learned about Anna Schwartz in your life?

Expert Solution

1) Economic concept brought about by Anna Schwartz is one that signifies the importance of price stability which should be the focus of the monetary system. It led to anti inflation policies which came into effect in later part of the 20th century after her book was published. She constantly emphasized that price stability brings about financial stability in the economy. That is if aggregate price level is stable, resources are employed much more efficiently as there is no sudden inflation or deflation in the economy, and even if there is inflation for a short duration, the central bank is able to control it via monetary policy by making changes in the level of interest rates.

An aspect of life of Anna Schwartz which I find interesting is her commitment and passion for economics, she pursued her passion even when she was not awarded her PhD, even then she continued to work and looked for solutions because of her love for economics.

2) She worked on her book "Monetary History of the United States" after a 15 year collaboration which showed delayed gratification and the need to constantly work, no matter how long it takes to finish a project, if one truly wants to do it, it will be completed.

I will apply this concept of delayed gratification in my life, wherein I will continue to work hard, no matter how long it takes, how many obstacles I face, as I know it is my passion and if one wants to accomplish something, one will surely do so one day or another.

Source: Women in Economics, Anna Schwartz. 4:19 and 6:16 time

Price Stability and Financial Stability: Competing or Compatible? : Federal reserve bank of Louis.

Rahul Sunny answered 2 years ago

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