Monetary policy  In one of the articles, Dr. Patel reviews the evolution of monetary policy in the post-war years compared to the pre-war years.
He writes: “The supreme test of monetary policy lies in its ability to control the supply of money in such a way that growth in prices is checked without retarding the growth in production.” The essence of that sentence is that checking growth in prices without retarding production; that is the quintessential growth versus inflation debate that is playing out even today.