AP Economics: Business Cycle, Unemployment, Inflation, Growth

For the business cycle we will consider "The Road to Emerald City Is Paved with Good Intentions." The "Wizard of Oz," one of America's greatest films, is seen as an allegory about Populism and the issue of "sound money."

"Money" by Pink Floyd

One of the most famous phrases in modern economics is that "inflation is always and everywhere a monetary phenomenon." This statement, made by Nobel laureate Milton Friedman, suggests that the principal factor influencing the movement of the price level over time is the growth rate of the money supply.

Cf. Bade and Parkin, Chapters 20, 21, and 22.