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"But what is less obvious is that the course of recessions and booms might also be shaped by our desire for prices that move in line with accepted ethical norms rather than the laws of supply and demand.
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It might seem absurd that consumer irritation at a price hike, or the cost of repainting a sign, could add up to enough price rigidity to cause a recession – and not every economist buys the idea – but it is possible, and an influential school of thought. Economic frictions, just like real friction, may seem trivial. They are not."

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