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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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Lesson 14: Aggregate Supply | Unit 5: Connections Page: 19 of 20

Topic: Policies <=PAGE BACK | PAGE NEXT=>

Government can use supply-management policies to shift the aggregate supply curves.
  • Supply-management policies have been less popular among politicians because they tend to be slower than demand-management policies.
  • Politicians tend to prefer faster demand-management policies when seeking to replace the slow-moving automatic mechanism.
Supply-management policies:
  • Business deregulation to reduce production cost.
  • Tax policies that stimulate capital investment.
  • Technology and education that increase capital and labor quality.

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INFLATION PROBLEMS

Two notable problems are associated with inflation--uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner--some people win and some people lose. This redistribution might not be that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for telephone calls from long-lost relatives.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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