Price Change, Financial Stability, and the British Economy, 1870–1939
Bibliographic record
Abstract
For much of the last quarter-century, a principal focus of economists' attention has been inflation and, to some extent, disinflation and the associated costs. More recently, deflation has attracted some interest, although only its possible harmful consequences have been discussed; there has been no mention of deflation as the by-product of increased economic growth interacting with unchanged money growth. Concern over deflation has been prompted by some sharp rises and falls in asset prices in Japan and, more recently, in the United States and to a lesser extent the United Kingdom, and the interest taken in the relationship between these and the general price level. But also important are the actual deflations in prices in Japan, China, Hong Kong, Singapore, and Taiwan, and the near-zero inflation in the United States and Europe. But what, do we know about deflation? It is necessary to go back to before World War II to find episodes in almost any Organisation for Economic Co-Operation and Development (OECD) country except Japan. The purpose of this chapter is to begin to investigate the effects of deflation in the British economy.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".