First Sentence:
IN HIS admirable book on The Scope and Method of Political Economy John Neville Keynes distinguishes among "a positive science . . . [,] a body of systematized knowledge concerning what is; a normative or regulative science . . . [,] a body of systematized knowledge discussing criteria of what ought to be . . . ; an art . . . [,] a system of rules for the attainment of a given end"; comments that "confusion between them is common and has been the source of many mischievous errors"; and urges the importance of "recognizing a distinct positive science of political economy."
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Key Phrases - Statistically Improbable Phrases (SIPs):
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strict commodity standard, nonmonetary stocks, literal warehouse certificates, production indifference curve, balanced actual budget, effective expected prices, unrestricted multilateral trade, given monetary conditions, underemployed factor, demand curve constructed, fixed fiduciary issue, fiat standard, incipient deficit, countercyclical action, currency bundle, rigid rates, fiscal framework for economic stability, nominal cash balances, rigid exchange rates, countercyclical effects, aggregate money demand, countercyclical policy, rival commodities, rival commodity, fiat currency
Key Phrases - Capitalized Phrases (CAPs):
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United States, American Economic Review, Journal of Political Economy, Federal Reserve, New York, Alfred Marshall, Economics of Industry, World War, Benjamin Graham, Economics of Control, International Monetary Fund, University of Chicago Press, Economic Journal, World Commodities, American Economic Association, Harvard University Press, Oxford Economic Papers, Review of Economic Studies, Aaron Director, Commodity Reserve Currency, Quarterly Journal of Economics, The Present Position of Economics
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