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  2. Wage curve - Wikipedia

    en.wikipedia.org/wiki/Wage_curve

    The wage curve [1] is the negative relationship between the levels of unemployment and wages that arises when these variables are expressed in local terms. According to David Blanchflower and Andrew Oswald (1994, p. 5), the wage curve summarizes the fact that "A worker who is employed in an area of high unemployment earns less than an identical individual who works in a region with low ...

  3. Wage growth - Wikipedia

    en.wikipedia.org/wiki/Wage_Growth

    Wage growth (or real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. [1] In macroeconomics , wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards . [ 2 ]

  4. Keynes's theory of wages and prices - Wikipedia

    en.wikipedia.org/wiki/Keynes's_theory_of_wages...

    An economic depression for instance, would not necessarily set off a chain of events leading back to full employment and higher wages. Keynes believed that government action was necessary for the economy to recover. In Book V of Keynes's theory, Chapter 19 discusses whether wage rates contribute to unemployment and introduces the Keynes effect.

  5. Phillips curve - Wikipedia

    en.wikipedia.org/wiki/Phillips_curve

    The Phillips curve is an economic model, named after Bill Phillips, that correlates reduced unemployment with increasing wages in an economy. [1] While Phillips did not directly link employment and inflation , this was a trivial deduction from his statistical findings.

  6. Wage-price spiral - Wikipedia

    en.wikipedia.org/wiki/Wage-price_spiral

    The term "wage-price spiral" appeared in a 1937 New York Times article about the Little Steel strike. In the 1970s, US President Richard Nixon attempted to break what he saw as a "spiral" of prices and costs, by imposing a price freeze, with little effect. [2] Some sources distinguish between wage-price spirals and price-wage spirals. [3]

  7. The General Theory of Employment, Interest and Money

    en.wikipedia.org/wiki/The_General_Theory_of...

    The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution". It had equally powerful ...

  8. Bill Phillips (economist) - Wikipedia

    en.wikipedia.org/wiki/Bill_Phillips_(economist)

    Phillips was born at Te Rehunga near Dannevirke, New Zealand, to Harold Housego Phillips, a dairy farmer, and his wife, Edith Webber, a schoolteacher and postmistress. [1] A mechanical aptitude began to emerge at an early age: at fifteen, Bill learned how to fix a motor vehicle engine, how to wire a shed for electrical lighting, build radios, and create a crude form of cinematography.

  9. Inflation - Wikipedia

    en.wikipedia.org/wiki/Inflation

    The curve was interpreted to imply that a country could achieve low unemployment if it were willing to tolerate a higher inflation rate or vice versa. [10]: 173 The Phillips curve model described the U.S. experience well in the 1960s, but failed to describe the stagflation experienced in the 1970s.