«Исследование о природе и причинах богатства народов»

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Milton Friedman
Milton Friedman was born in 1912 and died in 2006. He is one of the most influential economists of the late 20th century, receiving the Nobel Prize in Economics in 1976. He is known for A Monetary History of the United States, in which he argued that the Great Depression was caused by the policies of the Federal Reserve. He stresses that governments should aim for a neutral monetary policy oriented toward long-run economic growth, by gradual expansion of the money supply. He also advocates the quantity theory of money, that general prices are determined by money. Therefore, active monetary (e.g. easy credit) or fiscal (e.g. tax and spend) policy can have unintended negative effects.
But the work for the Nobel Prize, which he won in 1974, was the Theory of the Consumption Function. He mentioned that spending and savings decisions depended on people's views of their long-term income; but they were much less inclined to adjust to transitory income variations in either direction.
long-run – долгосрочный
monetary system – денежно-кредитная система
easy credit – льготный кредит
to adjust – регулировать
variations – колебания

II. Прочитайте текст без словаря и изложите его содержание на русском языке. Birmingham Birmingham is the largest city in England after London. It’s also known as the ‘City of a Thousand Trades’ due to its status as the world’s first manufacturing town. It has a population of 1,000,500. Birmingham is famous for not only its manufacturing roots; it’s also well-known for its heritage in the world of food and cuisine, legendary rock music, bustling nightlife, sprawling canal networks, and huge cultural impact. Birmingham really does have more canals than Venice. Birmingham is officially the youngest city in Europe, as roughly 40% of their population is aged 25 and below. What’s more, there are five universities in Birmingham, so it’s no surprise that this huge student population adds to Birmingham’s thriving nightlife scene. There is the largest library in Europe. It officially opened its doors in 2013. Birmingham is also one of the greenest! In fact, Birmingham is classified as having the largest open space in Europe relative to its size – it has 200 more parks than Paris!

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