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Discuss the time inconsistency problem and explain how it relates to monetary policy.
Entrepreneurs
Individuals who initiate, manage, and assume the risks of starting and operating a business to bring new ideas to market.
Growth
An increase in the economic output and prosperity of a region, often measured by GDP or per capita income over time.
Government Officials
Individuals appointed or elected to positions of authority in government institutions, responsible for making and enforcing rules and laws.
Free Market
A system where the prices for goods and services are determined by the open market and by consumers, with minimal government intervention and regulation.
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