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OTHER THINGS EQUAL: A common assumption used in economic analysis that often goes by the technical Latin term, ceteris paribus. This assumption is used when identifying the relation between two specific variables, such as price and quantity for the law of demand. In so doing, the causal connection between the two variables can be identified. However, economic analysis becomes more interesting and useful when this assumption is relaxed, which makes it possible to examine how these "other things" affect the relation under study.
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STAGFLATION: High inflation rates at the same time the economy has high unemployment rates. Throughout much of the economic history of the good old U. S. of A., we've seen a tradeoff between inflation and unemployment. During an expansion, inflation is usually higher and unemployment is lower. The opposite has tended to occur during a recession. In the 1970s, however, inflation worsened at the same time the economy dropped into a recession. This led economists not only to coin the term stagflation (stagnation + inflation), but also to reevaluate the existing explanation of how the economy works. See also | inflation rate | unemployment rate | contraction | inflation | unemployment | misery index |
Recommended Citation:STAGFLATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 12, 2018].
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DEMAND-PULL INFLATION Inflation that results from increases in aggregate demand that exceed any increases in aggregate supply. This type of inflation results when the four macroeconomic sectors (household, business, government, and foreign) collectively try to purchase more output than the economy is capable of producing. The alternative type of inflation is cost-push inflation.
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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