Inflation & Unemployment Connection
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Inflation is defined as "an increase in the price of a basket of goods and services that is representative of the economy as a whole" (Moffatt [a]). Unemployment(or more precisely, the unemployment rate(is defined as ôThe unemployment rate is the percentage of the population who are willing to work for the current market wage for someone of his or her skill level but cannot find employmentö (Moffatt [b]). According to professor Carl Walsh, ôInflation will tend to rise if the unemployment rate falls below the natural rate,ö but ôhigher inflation brings no benefit in terms of lower average unemployment, nor does lower inflation involve any cost in terms of higher average unemployment,ö so ôits appropriate role is to control inflation and, in the short run, help stabilize the economy around the natural rateö (Walsh, 1998).Most recent news stories about Wal-Mart involve their Gestapo-like union-busting strategies and other radical efforts to keep prices low. What many people do not realize, however, is that the American economyÆs ups and downs have a connection to what W
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Approximate Word count = 725
Approximate Pages = 3 (250 words per page)
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