Discover the concept of underemployment equilibrium in economics, its effects on unemployment rates, and why it persists. Explore Keynesian insights into economic downturns.

Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

The American Journal of Economics and Sociology, Vol. 59, No. 2 (Apr., 2000), pp. 315-333 (19 pages) Using a general equilibrium model that is completely free of macroeconomic aggregates, this paper ...

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy ...

It is more than eight years since the beginning of the global financial crisis. Although the world economy came back from the abyss, it never fully recovered. Now, latest data from across the world ...

Nelson and Winter realize that all models, including traditional ones, are abstractions, but... These abstractions give rise to predictions of behavior that do not arise, Traditional theory does not ...

How many nights have you found yourself lying awake, with worries piling up like papers on a desk, wondering how much more you can handle? I know the feeling all too well. There was a time when I ...

Economics is split between analysis of how the overall economy works and how single markets function Physicists look at the big world of planets, stars, galaxies, and gravity. But they also study the ...