Conversely, an increase in lawlessness in a community or area may reduce the incentives for school attendance for young people who are lured by the prospect of even small but immediate gains and driven by a strong copycat effect. It is no surprise, then, that it is in social milieus and geographical areas with lower levels of schooling that crime is rife.
But, we do need to recognize that it took a couple of decades before the importance of price stability for macro-economic stability was fully appreciated and became embedded in central banks’ monetary policy framework worldwide. Second, dealing with tail risks.