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Re: hedging: good or bad?

Some prices are very flexible, such as commodities prices.
Other prices are extremely inflexible, such as magazine prices.
I don't think PKs need to propose that either are problematic.

The PK point, IMHO, is that at the _aggregate_ level, an increase
in the downward flexibility of wages or prices in an economy
with unemployment need not have the restorative properties
expected by neoclassical economists.

--Alan G. Isaac
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