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In economics, the Baumol effect, also known as Baumol's cost disease, first described by William J. Baumol and William G. Bowen in the 1960s, is the tendency for wages in jobs that have experienced little or no increase in labor productivity to rise in response to rising wages in other jobs that did experience high productivity growth.
Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). [3] Unemployment can have many sources, such as the following: the status of the economy, which can be influenced by a recession
The largest three poverty-related diseases (PRDs)—AIDS, malaria, and tuberculosis—account for 18% of diseases in poor countries. [56] The disease burden of treatable childhood diseases in high-mortality, poor countries is 5.2% in terms of disability-adjusted life years but just 0.2% in the case of advanced countries.
The best study of the inflation-unemployment trade-off finds that an increase in unemployment would reduce inflation by about one-third of 1%. Most other studies are in this ballpark.
Inflation decreases the real value of wages, in the absence of corresponding wage rises. In the theory of wage stickiness, a cause of unemployment in recessions and depressions is the failure of workers to take pay cuts, to decrease real labor costs. It is observed that wages are nominally sticky downwards, even in the long term (it is ...
In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture).
In 1970, a cup of coffee cost around 25 cents. Today, that 25-cent cup of joe would actually cost around $1.70. The coffee didn't get any better. The price was driven up by the relentless pressure ...
Whether it’s demand-pull or cost-push inflation or a combination, inflation affects the stock market. For example, moderate to low inflation — when prices rise less than 3 percent — can ...