15/08/06 17:21:38.23 kHwnd5y7.net
>>165の続き
First, Friedman (why oh why isn’t there a full electronic copy of
this essay online?):
If internal prices were as flexible as exchange rates, it would make
little economic difference whether adjustments were brought about
by changes in exchange rates or by equivalent changes in internal prices.
But this condition is clearly not fulfilled. The exchange rate is
potentially flexible in the absence of administrative action to freeze it.
At least in the modern world, internal prices are highly inflexible.
They are more flexible upward than downward, even on the upswing
all prices are not equally flexible. The inflexibility of prices, or
different degrees of flexibility, means a distortion of adjustments
in response to changes in external conditions. The adjustment takes
the form primailly of price changes in some sectors, primarilly of
output changes on others.