A baseline for it called NAIRU elaborated on Milton Friedman's idea of a "natural" value for it.
This phenomenon has been explained by a market failure that was explored in several papers and a 1986 book by George Akerlof and his wife Janet Yellen. It is the main economic phenomenon hypothesized to undergo hysteresis. This phenomenon is modelled by "contracting" and "search and matching" theories. This phenomenon arises from companies meeting the "noÂ­shirking" condition, according the ShapiroÂ–Stiglitz model, in which it can be explained by efficiency wages. This phenomenon only arises in a nonÂ­Walrasian (*) labor market. This phenomenon is inversely related to GDP growth by Okun's law. A baseline for it called NAIRU elaborated on Milton Friedman's idea of a "natural" value for it. The Beveridge curve models its "frictional" type. It is inversely related to inflation by the Phillips curve. For 10 points, name this quantity that models people lookingfor work.
This phenomenon has been explained by a market failure that was explored in several papers and a 1986 book by George Akerlof and his wife Janet Yellen.
unemployment  [accept  unemployment  rate] 