The basis of their economy was livestock, its primary currency cattle.
On a dollars-per mile basis, the price of an economy car has gone up by about a factor of two, not five as the CPI would suggest.
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But turning one-sixth of our economy over to the federal government on the basis of these personal stories, however wrenching, is very dangerous indeed.
After Tuesday's Fed rate cut - its third rate cut this year - most experts believe that another UK rate cut in on the cards - although the Bank will be careful to point out that it takes decisions on the basis of the situation of the UK economy.
Decisions had to be made on the basis of unreliable data from a sophisticated industrial economy: government statistics in emerging-market economies are often even more unreliable, making the IMF's job that much more difficult.
The US government has now revised its long-term forecast for the US economy, partly on the basis of these trends.
We can do this now because we have managed to run the economy effectively, because we've recognised that if we want a strong economy for the future the basis of its stability, we need more people into work, we need to make the work pay and then we can get the money in.
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In 1954 he was invited to Japan to give a series of lectures which were subsequently credited by the Japanese with having been the basis of their quality-focused post-war industrial economy.
We also thought they would probably cut or leave unchanged their estimate of spare capacity in the economy (the "output gap") - again, on the basis of their calculations in March.
The German economy grew 0.3% on a seasonally adjusted basis in the second quarter, topping forecasts of a 0.2% rise, while France's economy stagnated in the quarter but still topped expectations of a 0.1% contraction.
On a quarter-on-quarter basis, the economy grew 3.3%, beating initial estimates of 1.8%.
In this account the value added is defined, which is the basis for calculating the GDP (GDP), a main aggregate of the development of the economy.
For many people here, the bailout seems aimed at squashing one vast delusion on the basis of another, even vaster one: that a country like Cyprus could ever have an economy like Germany's.
His is a no-holds barred attack on what he believes is not just the sale of a pipedream in a global economy but one whose pursuit has become the basis for massive worldwide scams.
Ongoing supply disruptions, as well as the fragile state of global economy, call for a prompt increase in supply on a competitive basis that will allow refiners to boost throughputs and meet rising seasonal demand.
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That report was expected to show the U.S. economy grew at a rate of 1.8%, on an annual basis, in the third quarter.
On a revised basis, the Japanese economy actually contracted by 1.6% in the last three months of 1999, following a slowdown of 1% in the previous first three months.
Since October, the Reserve Bank of India had already slashed its key lending rate by 350 basis points, as part of a series of calibrated moves aimed at boosting liquidity and the sluggish economy.
On the basis of the past few years, he thinks the trend rate of productivity growth - and thus the economy's potential growth rate - is lower than we thought before the crisis.
On an annual basis, Spain's economy shrank 2% in the quarter - the worst fall since the end of 2011.
The Bank of England has delivered a stunning 150-basis-point cut to interest rates, as the British economy seems headed toward a potentially long and painful recession.
Although the commercial bania caste was useful in kick-starting Indian capitalism, Mr Das points out that in a liberalised economy governed by rules rather than patronage, companies cannot afford to hire employees on the basis of caste.
So doing more of this on an emergency basis with the extreme unemployment levels that we have I think will help our economy and better position it to compete in the world market a decade or two ahead.
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In the first three months of the year, while Britain's economy shrank by 4.9% on an annualised basis, the contraction in Germany was 6.7%.
Losses over the past year ran at 40-50 basis points of their loan books for the large banks, a rate that is minuscule for even the most buoyant economy.
While some will say it's a reach to use the baseball-card industry to explain economics, the economy as we know it is merely the combination of infinite individual decisions made on a daily basis, including those made with baseball cards.
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