The Shapiro-Stiglitz model uses the concepts of "shirking" and "wage sluggishness" to help explain this quantity.
The Beveridge curve relates this quantity to the potential to decrease it and can explain one type of it that exists due to a time delay between situations in which it disappears. The Shapiro-Stiglitz model uses the concepts of "shirking" and "wage sluggishness" to help explain this quantity. The gap version of Okun's law states that for every 1% increase in this quantity, the GDP will fall 2% from its optimal level. This quantity exists in frictional and cyclic forms, the latter of which depends on business cycles, and it was shown as inversely related to inflation in the Phillips Curve. For 10 points, name this economic quantity that measures the number of people out of work.
The Beveridge curve relates this quantity to the potential to decrease it and can explain one type of it that exists due to a time delay between situations in which it disappears.
unemployment rate