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MARGINALLY-ATTACHED WORKERS: People who are willing and able to work, who have either held a job or searched for employment within the last year, but are not actively seeking employment. Discouraged workers, people who are willing and able to engage in productive activities, but due to their overwhelming lack of success believe that any effort to find a job will be fruitless so they have stopped seeking employment, fall within this broader category of marginally-attached workers. People can be marginally attached to the labor force for a variety of reasons, discouraged workers, in contrast, achieve their designation specifically because they believe search efforts would not be worthwhile.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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PO
Pareto Optimal
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