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worker resistance to wage cuts(passive) caused bydownwardly sticky wages
Keynes(passive) first invented bysticky wages ” (
the power of trade unionsto preventwage inflexibility
determination mechanisms ( and sectoral extension of wage bargainscauseswage inflexibility
concerns that inflation has yet to hit the two - percent target and unemployment remains stubbornly highis preventingwage gains.[3
union contracts(passive) created bywage inflexibility
when Herbert “ The Forgotten Progressive ” Hoover used the full weight of the governmentto PREVENTwage flexibilty
Excess supply of labourwould causewage disinflation
the distortions which has acted in a manner that in the run up to the crisis when the seemingly peevish unwinding was about to be orchestrated a full - fledged recession was caused and when credit induced growth experiment after the crisis saw its limits(passive) caused bywage - price stickiness
Real wage / classical unemployment(passive) is caused byReal wage / classical unemployment
to unemployment by thinking about wage stickiness at specific firmsleadsto unemployment by thinking about wage stickiness at specific firms
involuntary unemployment which may imply that much of the potential value of education ( especially higher education ) will not be realizedhowever ... createsinvoluntary unemployment which may imply that much of the potential value of education ( especially higher education ) will not be realized
from ( a ) reluctance of individual workers to accept wage cuts when the value of their productivity has fallen , ( b ) the prevalence of implicit or explicit long term contracts between workers and firms , or ( c ) efficiency wagescan resultfrom ( a ) reluctance of individual workers to accept wage cuts when the value of their productivity has fallen , ( b ) the prevalence of implicit or explicit long term contracts between workers and firms , or ( c ) efficiency wages
firms from reducing wages when the premium increasespreventsfirms from reducing wages when the premium increases
to counter - cyclical real wagesleadingto counter - cyclical real wages
the economypreventsthe economy
the initial problemmight have causedthe initial problem
the demand deficiency in their modelcausesthe demand deficiency in their model
recessionscausesrecessions
excess layoffs , Hoover and then FDR throwing up barriers to markets in farm producecausedexcess layoffs , Hoover and then FDR throwing up barriers to markets in farm produce
prevent distortions(passive) caused byprevent distortions
a strong rise in the ratiocausesa strong rise in the ratio
this last episode(passive) was ... caused bythis last episode
the inversion of the slope of the IS curvepreventsthe inversion of the slope of the IS curve