A. THE FOUNDATIONS OF AGGREGATE SUPPLY

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A. THE FOUNDATIONS OF AGGREGATE SUPPLY Earlier chapters focused on aggregate demand and economic growth. This section describes the factors determining aggregate supply, which is critical for under-‘Standing the evolution of the economy. In the short Tun, the nature of the inflationary process and the effectiveness of ,government counter cyclical policies depend on aggregate demand. In the long run of a decade or […]

Unemployment and the Foundations of Aggregate Supply

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Unemployment and the Foundations of Aggregate Supply The United States enjoyed an extraordinary period of rapid economic growth and declining unemployment over the 1990s. From the trough of the last recession in 1992 until midyear 2000;,the number of employed workers grew by almost 30 million while unemployment fell by 4 million. Other regions, in Europe and East Asia, were not so […]