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Tejvan Pettinger What does it mean to talk of labour market slack? And how is it measured? Essentially labour market slack is the shortfall between the volume of work desired by workers and the actual volume of work available. Labour market slack also determines the difficulty or ease...

Tejvan Pettinger Dynamic pricing is a method firms use to constantly adjust the price of goods/services depending on demand. For example, if there is a surge in demand, firms respond to the market data by increasing price. New technology has increased the scope for more variable...

Tejvan Pettinger A look at the extent to which policymakers face a trade-off between unemployment and inflation. The Phillips curve suggests there is a trade-off between inflation and unemployment, at least in the short term. Other economists argue the trade-off between inflation and unemployment is weak. Why...

Prabhat Patnaik I propose to go back in this piece to the Indian Air Force’s strikes against the terrorist camps at Balakot in Pakistan some weeks ago. My concern here is not with the event itself but with an intellectual position that was advanced at the...

C. P. Chandrasekhar and Jayait Ghosh As if all the bad news from the domestic economy were not enough, foreign trade data suggest worrisome trends on the external front as well. The latest report of monthly trade data from the Ministry of Commerce and Industry indicates...

Prabhat Patnaik May 31, 2019 Mainstream bourgeois economics which is what occupies a hegemonic position in the academic world today is often criticized for being “unreal”, for proceeding on the basis of assumptions that obviously do not correspond to reality. This criticism however, though valid, does not...

The natural or (equilibrium) level of unemployment is determined by calculating the level of unemployment when the labour market is in equilibrium. Diagram Showing Natural Rate of Unemployment The labour force includes everyone of working age who is either working or looking for work. The Aggregate Supply (AS)...

Tejvan Pettinger Poverty implies low income and struggling to meet basic needs. There are two main types of poverty Absolute poverty – income below a certain threshold necessary to meet basic necessities of life (food, shelter, clothing, rent)Relative poverty – Individuals receiving income a certain level (e.g. 50%) below...

Tejvan Pettinger A look at the main macroeconomic objectives (economic growth, inflation and unemployment, government borrowing) and possible conflicts between these different macro-economic objectives. The main macro-economic objectives are: Economic growth – positive and sustainable growth (The UK, long-run trend rate is around 2.5%)Low inflation (UK target 2% +/-1) –Low...