optimizing

Fig. 137 Optimizing. The Phillips curve is drawn as P. The economic welfare of society is represented by a family of INDIFFERENCE CURVES IC₁, IC₂, IC3, IC₄, each indicating successively higher levels of economic welfare as the origin, O, is approached. The optimum point is at the origin, because here full employment and complete price stability are theoretically simultaneously attained. However, the Phillips curve sets a limit to the combinations of U and I that can be achieved in practice. Given this constraint, the task of the authorities is to select that combination of U and I that maximizes society's economic welfare. This occurs at point X, where the Phillips curve is tangential to indifference curve IC₃ .

optimizing

the maximization of society's economic welfare in respect of the macroeconomic objectives of FULL EMPLOYMENT, PRICE STABILITY, ECONOMIC GROWTH and BALANCE-OF-PAYMENTS EQUILIBRIUM.

The essence of this approach can be illustrated, to simplify matters, by reference to the PHILLIPS CURVE‘trade-off between unemployment (U) and inflation (I). The Phillips curve in Fig. 137 shows that as unemployment falls, inflation increases and vice-versa. See MACROECONOMIC POLICY, FIXED TARGETS, INTERNAL-EXTERNAL BALANCE MODEL.

单词	optimizing
释义	optimizing Fig. 137 Optimizing. The Phillips curve is drawn as P. The economic welfare of society is represented by a family of INDIFFERENCE CURVES IC₁, IC₂, IC3, IC₄, each indicating successively higher levels of economic welfare as the origin, O, is approached. The optimum point is at the origin, because here full employment and complete price stability are theoretically simultaneously attained. However, the Phillips curve sets a limit to the combinations of U and I that can be achieved in practice. Given this constraint, the task of the authorities is to select that combination of U and I that maximizes society's economic welfare. This occurs at point X, where the Phillips curve is tangential to indifference curve IC₃ . optimizing the maximization of society's economic welfare in respect of the macroeconomic objectives of FULL EMPLOYMENT, PRICE STABILITY, ECONOMIC GROWTH and BALANCE-OF-PAYMENTS EQUILIBRIUM. The essence of this approach can be illustrated, to simplify matters, by reference to the PHILLIPS CURVE‘trade-off between unemployment (U) and inflation (I). The Phillips curve in Fig. 137 shows that as unemployment falls, inflation increases and vice-versa. See MACROECONOMIC POLICY, FIXED TARGETS, INTERNAL-EXTERNAL BALANCE MODEL.
随便看	fhefssa fheg fhei fhel fheo fheop fheq fher f hermansky fhes fhesa fhesp fhet fheta fhex fhf fhfa fhfb fhfc fhfcu fhfd fhfe fhfg fhfh fhfi