If global imbalances are the result of such frictions, they are unlikely to unwind quickly.
All of these factors create frictions, he says, that could lead to confusion and uncertainty.
The list of frictions goes on and the issues are by no means all petty.
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Frictions in the U.S.-China relationship are nothing new, but they have intensified in recent months.
And a host of distortions and frictions makes that harder than it should be.
Frictions between Hindus and religious minorities have often rallied more extreme Hindu groups aligned with the BJP.
Frictions in the U.S.-China relationship are nothing new, but they have intensified in the past 18 months.
This will lead to frictions over policy even as both groups remain firmly committed to perpetuating the regime.
Much of the time, market solutions that address information problems, moral hazard and other frictions in markets work reasonably well.
The former measure would further accelerate inflation whereas the latter would create frictions between banking sector officials and government representatives.
It will serve you well, whether in coping with the frictions of everyday life or some life-shattering accident or tragedy.
All of this intensifies the country's ever-present ethnic frictions, and stirs up anger towards the abuses of the Suharto regime.
Even if there are positive spillover benefits from increased home ownership, these come at the expense of greater frictions in the labor market.
And we emphasized other additional ways that we can encourage trade and reduce economic frictions between the two sides of the transatlantic relationship.
With that anniversary, and with stockmarkets teetering at dizzy heights, the renewed trade frictions between America and Japan are therefore cause for concern.
Frictions among nations probably played a role in that, and the U.S. as the planet's leading economy is as much to blame as anyone.
But the emphasis on imposing stability over finding solutions meant that many social frictions - such as that between Dayaks and Madurese - festered.
Today, it seems, most bilateral economic frictions are magnified through the prism of those geopolitical and philosophical differences, making controversies seem larger and more intractable.
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The problem with this view is that frictions the costs to customers of switching, say, or the barriers to entry for competitors can allow exploitative firms to escape punishment.
The same relative real changes can take place to reduce the imbalances without the frictions, and the fallout from the frictions, associated with changing domestic prices and wages.
But it can't protect Japanese companies doing business in China from the fallout over growing frictions in Chinese-Japanese relations and that is the greatest immediate threat to Japan's future.
Those frictions will almost certainly intensify over the coming year.
Despite these frictions, relations between ethnic groups are generally good.
By becoming online workers, people like Ben Gran are overcoming labor market frictions: they focus on skills that are in demand, overcome geographic barriers and work at competitive rates.
In fact, economic frictions are now more likely to be cast in the context of our geopolitical differences, which often serves to overstate the challenges and obscure the solutions.
Once-respected demarcations between geopolitical and economic aspects of the relationship have been blurred, and economic frictions are now more likely to be cast in the context of our geopolitical differences.
My economy is full of frictions that I as a member of the free agent nation struggle to deal with in the time I can allocate to work and leisure.
At the same time, there is a growing trend of remote employment, facilitated online, that is creating opportunity for businesses and professionals and is poised to address these labor market frictions.
Of course, the frictions they target are not purposeless.
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What we want is not a life where friction and frustrations have been carefully designed out, but a life where we can overcome the frictions and frustrations that stand in our way.
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