Any systemic whole, as well as a complex, systemic process, cannot do without regulation or management. The difference lies in the fact that some systems are regulated by internal, as if built-in mechanisms, and therefore are self-regulating (for example, the human body), while others, not having their own mechanism of self-regulation, or in conditions where […]
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The Relationship Between Unemployment and Inflation: The Phillips Curve
The English economist Phillips in the late 50s found a relationship between the unemployment rate and wage growth. Analyzing data for more than a hundred years, he came to the conclusion that there is a certain level of unemployment (6-7%), at which the level of wages is constant and its increase is zero. When unemployment […]