Attica Travel

Attica Travel on First, any state of EQUILIBRIUM of a market economy is efficient in the sense that no one can become better off without someone else becoming worse off. Second, any state of maximum efficiency can be achieved through the redistribution of initial resources and a system of equilibrium prices. In 1947, Allais published Economy and Interest, which focused on efficiency in an intertemporal setting. He found that accounting for future generations altered his analysis considerably, and concluded that a policy of compulsory saving for old age is perfectly compatible with economic efficiency. In two papers published in 1954 and 1955, Allais developed the foundations of his general theory of monetary dynamics. He tested the model with empirical data and concluded that the observed reality is represented in an almost perfect manner by his theory. He called the empirical verifications of his work on monetary policy the most extraordinary ones that have ever been found in the Social Sciences. Attica Travel 2016.

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