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Resistance to Indexation: A Puzzle . Brookings Papers on Economic Activity , No. 1 : 159 – 211 . Shiller , R. J. ( 1998 ): Indexed Units of Account: Theory and Assessment of

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shows that ideas matter, but they must be in a very specific historical setting to take effect. Liberalisation was met with fierce resistance from incumbents, which feared losing control over their markets and thereby profits. They also argued, to some

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