The Phillips’ Cline

The Phillips’ Cline tween the level of unemployment and the rate of wage increase. We know that Keyncs was of the opinion that trade unions would tend to raise wages more rapidly when unemployment rates were higher  Phillips studied the relationship between...

CONCLUSION

CONCLUSION The principle of comparative advantage shows that trade can make everyone better off. You should now understand more fully the benefits of living in an interdependent economy. But having seen why interdependence is desirable, you might naturally ask how it...