Sample Essay

The third concept of no association between the two variables is attributed to Friedman (1986). He states that changes in the growth rate of national production is caused by real industrial factors, such as technology, application of science, skills but not financial factors. His view will be supported by Fountas, Karanasos and Mendoza (2004) because they found that the ‘in-mean’ coefficient is statistically insignificant and the linkages between volatility in industrial output and total growth in the economy cannot be observed.


This study will support one of the three broad schools of thoughts. Founded relationship will show how output volatility and economic growth in Turkey between 1990 and 2010 have been connected. Therefore, suggestions for appropriate monetary policy might be offered.

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