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Stephan Klasen

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The State, Business and Education

Public-Private Partnerships Revisited

Edited by Gita Steiner-Khamsi and Alexandra Draxler

The State, Business and Education contributes to the ongoing debates surrounding the effects of public funding of private entities by examining the ways in which they affect the quality and equity of those services, and the realization of human rights. Using case studies from both the developing and developed world this book illustrates the variety of ways in which private actors have expanded their involvement in education as a business.
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Edited by Gita Steiner-Khamsi and Alexandra Draxler

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Edited by Neil Longley

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Robert Solow

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Thomas Palley and Matías Vernengo

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Robert J. Gordon

In the late 1960s the stable negatively sloped Phillips curve was overturned by the Friedman–Phelps natural rate model. Their Phillips curve was vertical in the long run at the natural unemployment rate, and their short-run curve shifted up whenever unemployment was pushed below the natural rate. This paper criticizes the underlying assumption of the Friedman–Phelps approach that the labor market continuously clears and that changes in unemployment down or up occur only in response to ‘fooling’ of workers, firms, or both. A preferable and resolutely Keynesian approach explains quantity rationing by inertia in price and wage setting. The positive correlation of inflation and unemployment in the 1970s and again in the 1990s is explained by joining the negatively sloped Phillips curve with a positively sloped dynamic demand curve. For any given growth of nominal GDP, higher inflation implies slower real GDP growth and higher unemployment. This ‘triangle’ model based on demand, supply, and inertia worked well to explain why inflation and unemployment were both positively and negatively correlated between the 1960s and 1990s, but in the past decade the slope of the short-run Phillips curve has flattened as inflation exhibited a muted response to high unemployment in 2009–2013 and low unemployment in 2016–2018.

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Fan Zhang

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Hongjun Zhao

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Colin Turner