Response to an article of Doctor of Economic Sciences, Head of Department of macroeconomic regulation and planning of economic faculty of Moscow State University. MV University, a member of the Federation Council Gleb Fetisov, "Demons of inflation," the newspaper Izvestia »№ 97 dated June 2, 2006. "Inflation - not the law of development, and the work of fools, Governors State." Ludwig Erhard
Extensive discussion in the media policy of our government and such phenomena as inflation, in particular, caused a clear stimulation of not only members of the cabinet, but also venerable scientists claiming the role of pundits who only allowed to have on these issues its opinion. Therefore, German Gref, and declares that "inflation paranoia", and Doctor of Economic Sciences, a member of the Federation Council of Russia Gleb Fetisov, calls it, in his article "The demons of inflation, peaking in spring. It would be possible to agree with their point of view, if inflation did not do our citizens every day poorer, and would not be an impediment to economic development. Speaking against the "demonization of inflation," Doctor of Economic Sciences and head of macroeconomic regulation and planning of economic faculty of Moscow State University. MV Lomonosov Moscow State University, Gleb Fetisov told us, without taking into account the many truths that inflation in general difficult to measure, and can not be determined by the price of gold, as gold for many decades demonetizirovano. Though not explained that demonetization of gold does not prevent the measure value of banknotes is in gold. In fact, because the national currency is not backed by gold, does not mean that their value can not be weighed against the cost of gold. A bit of history about the demonetization of gold. At the end of World War II Bretton Woods agreement was created by the International Monetary Fund and established the so-called gold exchange standard. Simply put, it was a guarantee of the U.S. exchange of national currencies into gold through a fixed exchange rate of U.S. dollar and, accordingly, the parity of gold content. However, when the Europeans and, in particular, General de Gaulle tried to change them into gold, in 1971, President Nixon suspended the practice, and the U.S. Congress legislated. Gold standard was to interfere with America to increase the consumption of real merchandise imports in exchange for the printing products of the Federal Treasury. In 1976, the Jamaican Agreement, and in 1978 the IMF finally released the national currencies of the gold content. But this is no surprise when reading the story of Doctor of Economic Sciences, is faced with such a statement, "is ambiguous and the concept of money." Although money has long had a clear concept. Mr Fetisov, hand argue that the war on inflation do not need to keep trying to convince readers that we do not know, and do not even know what money is. What if the conversation? True, the war against inflation, no one called. The question was about countering the reasons causing inflation. But Fetisov is more convenient to talk about the war against inflation. "Prove" that the "violent and pointless discussion of the relationship between monetary and non-monetary factors of inflation, identifying it with higher prices and distorts the essence of the problem," Fetisov proceeds to explain the reasons for non-monetary prices. "The first - the inertia of rising prices. When sellers raise prices, focusing on past trends. Second - market rigidities, when price increases are not offset by then their decline. " About what, in reality, "say these factors? And they are primarily talking about the monopolization of markets, when a single monopolist raises prices for its products and services, explains that the alleged inflation. If we adhere to the labor theory of value, then all these attempts to explain the rise in prices, from a position of inertia and expectations is ridiculous. What is the limited expectations of a particular seller? Yes, nothing but his own imagination. Developing an approach to estimating price movements, Dr. Fetisov must inevitably come to the fact that some sellers will get additional profit from expectations. Recognizing the arbitrary movement of prices, Fetisov should recognize and arbitrariness of monopolists, and not try to write everything off on the psychology of individual market participants. It is the monopoly of individual companies and the market does inflexible, when a rise in prices is not increasing and the supply of goods. With monopolies in the economy related and administrative-regulatory factor prices, which the doctor Fetisov referred to as "natural phenomenon", because without the participation of state officials, the monopoly would be very difficult. Indeed, the struggle with rising prices alone monetary methods in high-monopolization of markets, quite inefficient employment, but also diminish the role of the Ministry of Finance and Central Bank, the unwinding of inflation is not worth it. And the more you should not advise to use when it is already in full use, (10 and Bole percent inflation per year), the American practice of cheaper labor at the expense of inflation, when the bulk of Russian workers and so gets a little more than subsistence level. Fetisov and offers ways to combat rising prices. "Inertia prices surmountable. Or a strong government conducts monetary reform. Either as restrictive monetary policy, retarding economic growth. Postwar Germany has implemented the first option. Post-Soviet Russia devalued currency accumulation of several price hikes, and they have created a powerful momentum of growth in prices for many years. " "With non-monetary factors in rising prices, particularly artificial ones, - yes, fight, fight to suppress. The power of the state machinery. "
Only, it is unlikely the proposals will be claimed today by the state, and especially Fetisovskoe proposal to carve the state itself, such as non-commissioned officer's widow, Saltykov-Shchedrin. It should be clear that, first, party-shopping nomenclature of the USSR, robbing citizens through devaluation of deposits, under the guise of cost containment, had no public purpose other than enrichment. And not the inertia of rising prices led to a robbery, and the desire of the ruling clique, performed this trick again and again many times. Yes, that's only the people has become a more intelligent, and therefore had to be satisfied 10 - 12% instead of 200% of the former. Second, our existing monopolies that the various methods to achieve annual growth of prices for their services, are public and their board, the board of directors are the same government officials who brave Dr. urges to fight and to fight against monopolies. But today officials are more pragmatic than the non-commissioned officer's widow, and therefore do not follow the advice of zealous doctor. One last thing: it would be necessary to explain to readers what it means to "restrictive monetary policy? "Restriction - a restriction of banks and state the size of the loan in order to contain inflation" (Dictionary of Foreign Words and Expressions, edited by ES Zenovich), and therefore the question arises - can it be a non-monetary? Dr. Fetisov ought to take a more clear and consistent position, and not rush from one to another. Offer moderate inflation and advocate for the course "to improve the efficiency of production and circulation of goods and services." Who would argue with the fact that it is necessary to look out for ways to increase productivity growth, but growth here, for some reason, does not occur. And one reason for not being able to move in the designated direction is the high inflation and the monopolization of the arbitrariness of monopolists in setting prices for their goods and services, the arbitrariness of government officials pursuing their own narrow group goals. After all, to ensure the growth of labor productivity is necessary to introduce new technologies and upgrading of industrial production, which can not be recouped in a year or two. And in our case is very few people interested. And the last thing I would like to see a doctor Fetisov: do not need their mentality and their approach to attribute to others. Not every citizen to express their views, seek for a fee. And if the citizens and trying to understand something, find the truth, it does not mean that they desired to receive the Nobel Prize. Indeed, in the pursuit of truth, the main goal is truth itself, and not a reward for explicit or imaginary works. Vitaly Glukhov
Extensive discussion in the media policy of our government and such phenomena as inflation, in particular, caused a clear stimulation of not only members of the cabinet, but also venerable scientists claiming the role of pundits who only allowed to have on these issues its opinion. Therefore, German Gref, and declares that "inflation paranoia", and Doctor of Economic Sciences, a member of the Federation Council of Russia Gleb Fetisov, calls it, in his article "The demons of inflation, peaking in spring. It would be possible to agree with their point of view, if inflation did not do our citizens every day poorer, and would not be an impediment to economic development. Speaking against the "demonization of inflation," Doctor of Economic Sciences and head of macroeconomic regulation and planning of economic faculty of Moscow State University. MV Lomonosov Moscow State University, Gleb Fetisov told us, without taking into account the many truths that inflation in general difficult to measure, and can not be determined by the price of gold, as gold for many decades demonetizirovano. Though not explained that demonetization of gold does not prevent the measure value of banknotes is in gold. In fact, because the national currency is not backed by gold, does not mean that their value can not be weighed against the cost of gold. A bit of history about the demonetization of gold. At the end of World War II Bretton Woods agreement was created by the International Monetary Fund and established the so-called gold exchange standard. Simply put, it was a guarantee of the U.S. exchange of national currencies into gold through a fixed exchange rate of U.S. dollar and, accordingly, the parity of gold content. However, when the Europeans and, in particular, General de Gaulle tried to change them into gold, in 1971, President Nixon suspended the practice, and the U.S. Congress legislated. Gold standard was to interfere with America to increase the consumption of real merchandise imports in exchange for the printing products of the Federal Treasury. In 1976, the Jamaican Agreement, and in 1978 the IMF finally released the national currencies of the gold content. But this is no surprise when reading the story of Doctor of Economic Sciences, is faced with such a statement, "is ambiguous and the concept of money." Although money has long had a clear concept. Mr Fetisov, hand argue that the war on inflation do not need to keep trying to convince readers that we do not know, and do not even know what money is. What if the conversation? True, the war against inflation, no one called. The question was about countering the reasons causing inflation. But Fetisov is more convenient to talk about the war against inflation. "Prove" that the "violent and pointless discussion of the relationship between monetary and non-monetary factors of inflation, identifying it with higher prices and distorts the essence of the problem," Fetisov proceeds to explain the reasons for non-monetary prices. "The first - the inertia of rising prices. When sellers raise prices, focusing on past trends. Second - market rigidities, when price increases are not offset by then their decline. " About what, in reality, "say these factors? And they are primarily talking about the monopolization of markets, when a single monopolist raises prices for its products and services, explains that the alleged inflation. If we adhere to the labor theory of value, then all these attempts to explain the rise in prices, from a position of inertia and expectations is ridiculous. What is the limited expectations of a particular seller? Yes, nothing but his own imagination. Developing an approach to estimating price movements, Dr. Fetisov must inevitably come to the fact that some sellers will get additional profit from expectations. Recognizing the arbitrary movement of prices, Fetisov should recognize and arbitrariness of monopolists, and not try to write everything off on the psychology of individual market participants. It is the monopoly of individual companies and the market does inflexible, when a rise in prices is not increasing and the supply of goods. With monopolies in the economy related and administrative-regulatory factor prices, which the doctor Fetisov referred to as "natural phenomenon", because without the participation of state officials, the monopoly would be very difficult. Indeed, the struggle with rising prices alone monetary methods in high-monopolization of markets, quite inefficient employment, but also diminish the role of the Ministry of Finance and Central Bank, the unwinding of inflation is not worth it. And the more you should not advise to use when it is already in full use, (10 and Bole percent inflation per year), the American practice of cheaper labor at the expense of inflation, when the bulk of Russian workers and so gets a little more than subsistence level. Fetisov and offers ways to combat rising prices. "Inertia prices surmountable. Or a strong government conducts monetary reform. Either as restrictive monetary policy, retarding economic growth. Postwar Germany has implemented the first option. Post-Soviet Russia devalued currency accumulation of several price hikes, and they have created a powerful momentum of growth in prices for many years. " "With non-monetary factors in rising prices, particularly artificial ones, - yes, fight, fight to suppress. The power of the state machinery. "
Only, it is unlikely the proposals will be claimed today by the state, and especially Fetisovskoe proposal to carve the state itself, such as non-commissioned officer's widow, Saltykov-Shchedrin. It should be clear that, first, party-shopping nomenclature of the USSR, robbing citizens through devaluation of deposits, under the guise of cost containment, had no public purpose other than enrichment. And not the inertia of rising prices led to a robbery, and the desire of the ruling clique, performed this trick again and again many times. Yes, that's only the people has become a more intelligent, and therefore had to be satisfied 10 - 12% instead of 200% of the former. Second, our existing monopolies that the various methods to achieve annual growth of prices for their services, are public and their board, the board of directors are the same government officials who brave Dr. urges to fight and to fight against monopolies. But today officials are more pragmatic than the non-commissioned officer's widow, and therefore do not follow the advice of zealous doctor. One last thing: it would be necessary to explain to readers what it means to "restrictive monetary policy? "Restriction - a restriction of banks and state the size of the loan in order to contain inflation" (Dictionary of Foreign Words and Expressions, edited by ES Zenovich), and therefore the question arises - can it be a non-monetary? Dr. Fetisov ought to take a more clear and consistent position, and not rush from one to another. Offer moderate inflation and advocate for the course "to improve the efficiency of production and circulation of goods and services." Who would argue with the fact that it is necessary to look out for ways to increase productivity growth, but growth here, for some reason, does not occur. And one reason for not being able to move in the designated direction is the high inflation and the monopolization of the arbitrariness of monopolists in setting prices for their goods and services, the arbitrariness of government officials pursuing their own narrow group goals. After all, to ensure the growth of labor productivity is necessary to introduce new technologies and upgrading of industrial production, which can not be recouped in a year or two. And in our case is very few people interested. And the last thing I would like to see a doctor Fetisov: do not need their mentality and their approach to attribute to others. Not every citizen to express their views, seek for a fee. And if the citizens and trying to understand something, find the truth, it does not mean that they desired to receive the Nobel Prize. Indeed, in the pursuit of truth, the main goal is truth itself, and not a reward for explicit or imaginary works. Vitaly Glukhov
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