> Bradford DeLong, an economic historian at the University of
>California at Berkeley, explains the debate to his students this way:
>To Mr. Friedman, an exchange rate is a price; therefore, it is an
>infringement on human freedom to peg it. To Mr. Mundell, an exchange
>rate is a promise; to change it is to default on a commitment.
Our very own Mr. Delong, called up to the bigs! Too bad you didn't merit one of those funky line drawings...
Jim Baird
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