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Idea that real and nominal variables can be analysed separately
In macroeconomics, the classical dichotomy is the idea, attributed to classical and pre-Keynesian economics, that real and nominal variables can be analyzed
Classical_dichotomy
Partition into two separate parts
A dichotomy (/daɪˈkɒtəmi/) is a partition of a whole (or a set) into two parts (subsets). In other words, this couple of parts must be jointly exhaustive:
Dichotomy
Income adjusted for inflation
to real gross national income per capita growth. According to the classical dichotomy theory, real variables and nominal variables are separate in the
Real_income
Concept asserting ongoing stock market bubble
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
AI_bubble
Production, distribution and consumption of goods and services; distinct from finance
demand for money). In the neoclassical school of economics, the classical dichotomy dictates that real and nominal values in the economy can be analysed
Real_economy
Hypothetical measure of overall prices
level can change more than once per day during hyperinflation. The classical dichotomy is the assumption that there is a relatively clean distinction between
Price_level
Mundell–Tobin effect is in that it appears as a deviation from the classical dichotomy. Robert Mundell was the first to show expected inflation has real
Mundell–Tobin_effect
1974 book by Robert M. Pirsig
has been noted that Pirsig's romantic/classical dichotomy resembles Nietzsche's Dionysian/Apollonian dichotomy as described in The Birth of Tragedy. For
Zen and the Art of Motorcycle Maintenance
Zen_and_the_Art_of_Motorcycle_Maintenance
Period of rapid progress in AI
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
AI_boom
Economic theory
Neutrality of money is an important idea in classical economics and is related to the classical dichotomy. It implies that the central bank does not affect
Neutrality_of_money
Value in economics and accounting
repricing the goods at common or average prices. Aggregation problem Classical dichotomy Constant Item Purchasing Power Accounting Cost-of-living index Deflation
Real_and_nominal_value
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Economy_of_the_British_Empire
Lack of respect for things that are held to be sacred
this would be Lucian's Dialogues of the Gods satire. The sacred–profane dichotomy is a concept posited by the French sociologist Émile Durkheim in 1912
Profane_(religion)
People without work and actively seeking work
frictional unemployment, cyclical unemployment, involuntary unemployment and classical unemployment. Structural unemployment focuses on foundational problems
Unemployment
High inflation, low economic growth, and high unemployment
have real effects is often called monetary neutrality or also the classical dichotomy. Since the neoclassical viewpoint says that real phenomena like unemployment
Stagflation
Global stock market crash
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Black_Monday_(1987)
Inertia of prices in economics
monetary policy and inflation) can affect the real economy and why the classical dichotomy breaks down. If nominal wages and prices were not sticky, or perfectly
Nominal_rigidity
1870–1914 electrical and chemical era
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Second_Industrial_Revolution
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of the British national debt
History_of_the_British_national_debt
1760–1840 agrarian to industrial era shift
.. Nothing remotely like this economic behaviour is mentioned by the classical economists, even as a theoretical possibility." Others argue that while
Industrial_Revolution
Worldwide increase in crude oil prices following the Iranian Revolution
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1979_oil_crisis
Geomorphological feature of Mars
The Martian dichotomy is a geomorphical feature of Mars, characterized by the contrast between the Southern and the Northern hemispheres. The two hemispheres'
Martian_dichotomy
18th-century British company involved in a major financial scandal
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
South_Sea_Company
Method of determining when the economy has entered a recession
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Sahm_rule
Slave trade between Africa and the West
Thornton 1998, p. 27. Isaac, Benjamin (2013). The Invention of Racism in Classical Antiquity. Princeton University Press. pp. 170–171. ISBN 9781400849567
Atlantic_slave_trade
Financial resources readily available for use, typically in cash or near-cash form
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Liquid_capital
Perceived financial market movement tendency over time
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Market_trend
2010s–present technological convergence era
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Fourth_Industrial_Revolution
European selloff of American securities following the outbreak of WWI
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Financial_crisis_of_1914
1992 UK financial crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Black_Wednesday
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
List_of_recessions_in_Canada
Tech stock speculative craze, c. 1995–2003
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Dot-com_bubble
Major stock market crash in the United States
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Wall_Street_crash_of_1929
Macroeconomic model relating aggregate demand and supply
increase government expenditure to achieve full employment. AD–IA model Classical dichotomy DAD–SAS model IS–LM model Keynesian cross Dutt, Amitava Krishna (1
AD–AS_model
Global oil shortage due to geopolitics
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1970s_energy_crisis
Equation used on monetary theory
{\displaystyle M\cdot V_{T}=P\cdot T} is based upon the presumption of the classical dichotomy — that there is a relatively clean distinction between overall increases
Equation_of_exchange
1893–97 financial crisis in the United States
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Panic_of_1893
Family of macroeconomic models
Keynesians aimed at developing a macroeconomic theory that rejects the classical dichotomy, the neutrality of money and general equilibrium theory. Instead
Stock-flow_consistent_model
Balance-of-payments crisis in India
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1991_Indian_economic_crisis
Philosophy terms referring to an observer versus the thing observed
altogether. With Heidegger, phenomenology tries to go beyond the classical dichotomy between subject and object, because they are linked by an inseparable
Subject and object (philosophy)
Subject_and_object_(philosophy)
Phenomenon when shorter term bonds yield higher interest rates than longer term bonds
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Inverted_yield_curve
Interest rate without adjusting for inflation
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Nominal_interest_rate
Regional financial crisis that struck East and Southeast Asia in 1997–1998
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1997_Asian_financial_crisis
Finance property of an asset
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Market_liquidity
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Financial costs of the Seven Years' War
Financial_costs_of_the_Seven_Years'_War
Economies of South Korea, Taiwan, Singapore and Hong Kong
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Four_Asian_Tigers
1701–1714 European great power conflict
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
War_of_the_Spanish_Succession
Practice of lowering the intrinsic value of coins
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Debasement
19th-century United States financial crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Panic_of_1837
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of the iron and steel industry in the United States
History_of_the_iron_and_steel_industry_in_the_United_States
Three-week financial crisis in the United States
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Panic_of_1907
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Slave markets and slave jails in the United States
Slave_markets_and_slave_jails_in_the_United_States
Percentage of a sum of money charged for its use
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Interest_rate
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of the United States public debt
History_of_the_United_States_public_debt
Sudden widespread decline of stock prices
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Stock_market_crash
Global stock market crash
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
2025_stock_market_crash
Informal economic term
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Economic_miracle
Key concept in the study of economic activity
unemployment rate returns to its natural rate does not hold in the data. Classical dichotomy Diamond coconut model Frictional unemployment Frisch elasticity of
Natural_rate_of_unemployment
Type of economic recession
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Balance_sheet_recession
1920s period of sustained economic prosperity in Western Europe and North America
music came to dominate all forms of popular music by the late 1920s. Classical pieces, operettas, folk music, etc., were all transformed into popular
Roaring_Twenties
Set of philosophical problems
the strongest and most famous—that of Achilles and the tortoise, the Dichotomy argument, and that of an arrow in flight—are presented in detail below
Zeno's_paradoxes
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
List of recessions in the United States
List_of_recessions_in_the_United_States
Situation of prolonged doubt in the strength of Britain's currency
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1976_sterling_crisis
Periods of currency instability
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Hyperinflation_in_Zimbabwe
Worldwide economic event
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
2022_stock_market_decline
Industrial shift to information technology
sector, means of production, means of consumption, thus extending the classical Ricardo-Marx model of the Capitalist mode of production (see Influences
Information_Age
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of coal mining in the United States
History_of_coal_mining_in_the_United_States
Government finance
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Debt_monetization
Proposed time period of the United States
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Second_Gilded_Age
Geocultural region in Asia and Africa
communicating via the internet began to form a third force besides the classical dichotomy of Pan-Arabism vs. Pan-Islamism that had dominated the second half
Arab_world
Economies of the five dominant countries in Southeast Asia
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Tiger_Cub_Economies
American economic crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Panic_of_1857
Banking crisis beginning in March 2023
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
2023 United States banking crisis
2023_United_States_banking_crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Economic history of the American Civil War
Economic_history_of_the_American_Civil_War
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of the petroleum industry in the United States
History_of_the_petroleum_industry_in_the_United_States
Sudden collapse of asset values which generates a credit or business cycle
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Minsky_moment
Global financial crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
1994_bond_market_crisis
1980 crash in the U.S. silver market
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Silver_Thursday
Mass withdrawal of money from banks
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Bank_run
Rate of money changing hands
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Velocity_of_money
Economic model relating wages to unemployment
inflation, this was a trivial deduction from his statistical findings. Classical economists Paul Samuelson and Robert Solow made the connection explicit
Phillips_curve
Long period of worldwide economic growth following World War II
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Post–World War II economic expansion
Post–World_War_II_economic_expansion
Open question in philosophy of how abstract minds interact with physical bodies
perspectives that have sought to escape the problem by rejecting the mind–body dichotomy have been developed. The historical materialism of Karl Marx and subsequent
Mind–body_problem
Community with sudden economic & population growth
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Boomtown
Theory in monetary economics
assess the impact of monetary policy and economic fluctuations. Classical dichotomy Credit theory of money Cumulative process Fiscal theory of the price
Quantity_theory_of_money
19th-century economic revolution in the United States
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Market_Revolution
Coldest recorded winter in Europe
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Great_Frost_of_1709
US financial crisis from 1986 to 1995
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Savings_and_loan_crisis
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Economics of English agriculture in the Middle Ages
Economics_of_English_agriculture_in_the_Middle_Ages
Engaging in risky financial transactions
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Speculation
Period in the history of Victoria, Australia
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Victorian_gold_rush
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
History of the salt tax in British India
History_of_the_salt_tax_in_British_India
Global economic recession
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Early_1980s_recession
Mid-17th to late 19th century revolution centred around agriculture
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
British Agricultural Revolution
British_Agricultural_Revolution
Formal systems of logic that significantly differ from standard logical systems
Non-classical logics (sometimes alternative logics) are formal systems that differ in a significant way from standard logical systems such as propositional
Non-classical_logic
Scenario in which financial shocks spread to other financial sectors
research date back to early studies of crowd psychology of Mackay (1841) and classical early models of disease diffusion were applied to financial markets by
Financial_contagion
Measure of a debtor's ability to pay their debts as/when they mature
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Accounting_liquidity
Economic term to distinguish types of recessions
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Recession_shapes
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Canada_in_World_War_II
Recession that affects many countries around the world
Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation
Global_recession
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CLASSICAL DICHOTOMY
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