It begins in the Gilded Age, when the Supreme Court barred most attempts by the government to ameliorate the harsh effects of market forces.

NEWYORKER: Money Unlimited

It is unlikely that both propositions can be correct: the effects of powerful economic forces are not usually compartmentalised.

ECONOMIST: Crime and punishment

The Association of Chief Police Officers says in its guidance that such income generation can "help forces counter the effects of declining budgets and increasing pressure on resources".

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But Fisher took both theories to task, arguing that during periods of debt deflation, the forces of deleveraging outweigh the effects of monetary and fiscal stimulus.

ECONOMIST: Letters