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| Topic: |
Science
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| Number of pages / Number of words: |
4 / 999 |
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Even though the article says neither Keynesians nor monetarists have been able to supply a consistent explanation for the macroeconomic behavior of the U.S. economy since the first oil shock in 1973, the writers try to explain these periods in a neo-classical way. The article explains the period after the oil crises in three different strategies; The demand for labor decreased with the fall in its productivity, but real wages did not fall significantly because workers did not expect the oil crisis to last, and therefore they were reluctant to accept real wages lower than those they expected in the future...
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The article explains the period after the oil crises in three different strategies; The demand for labor decreased with the fall in its productivity, but real wages did not fall significantly because workers did not expect the oil crisis to last, and therefore they were reluctant to accept real wages lower than those they expected in the future...
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