I guess I have to come out to reply to those who concern with the nature rate of unemployment First, What is the natural rate of unemployment? It is assumed to be the unemployment rate at the steady state or equilibrium. Note that equilibrium here is not referred to the common
I guess I have to come out to reply to those who concern with the nature rate of unemployment First, What is the natural rate of unemployment? It is assumed to be the unemployment rate at the steady state or equilibrium. Note that equilibrium here is not referred to the common
National Income: Where t comes From and where丨 t Goes A large income is the best recipe for happiness I ever heard of. Jane Austen The most important macroeconomic variable is gross domestic product(GDP) As we have seen, GDP measures both a nations total output of goods and ser- vices and its total income. To appreciate the significance of GDP, one need only take a quick look at international data: compared with their poorer counterparts, nations with a high level of gDP per person have everything from better child-
The Open Economy No nation was ever ruined by tr Benjamin Franklin Even if you never leave your home town, you are an active participant in a global conomy. When you go to the grocery store, for instance, you might choose be- tween apples grown locally and grapes grown in Chile. When you make a de posit into your local bank, the bank might lend those funds to your next-door
The question of growth is nothing new but new disguise for an age-old issue, one which has always intrigued and preoccupied economics: the present versus the future. -James Tobin If you have ever spoken with your grandparents about what their lives were like when they were young, most likely you learned an important lesson over about economics: material standards of have improved substantially over form time for most families in most countries
Economic growth‖ Is there some action a government of India could take that would lead the Indian economy to grow like Indonesia's or Egypt's? If so, what, exactly? If not, what is it about the \nature of India that makes it so? The conse- quences for human welfare involved in questions like these are simply stag- gering: Once one starts to think about them, it is hard to think about Robert E. Lucas, Jr
Introduction to Economic Fluctuations The modern world regards business cycles much as the ancient Egyptians regarded the overflowing of the Nile. The phenomenon recurs at intervals, it is of great importance to everyone, and natural causes of it are not in sight -John Bates Clark, 1898 Economic fluctuations present a recurring problem for economists and policy-
