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Google Books has a new feature that allows users to search for the historical use of specific words within the publications that have been digitalized. In the picture below I plot the employment of the terms Economics and Political Economy since the 18th century. Note how Economics begins to grow significantly after the 1870s.Explain the difference between Economics and Political Economy. In your answer you should employ Thomas Khun's notion of scientific paradigms and you should also identify what relevant scientific event took place during the 1870s in Europe.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
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