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American analysis auction basic behavior believe changes competition consumption costs currents of economics decisions disequilibrium earnings econ econometric economic activity economic events economic game economic theory economics profession economists effects empirical employers equation equilibrium price-auction model exist explain fact failure fall firms fiscal growth Homo economicus human capital income increase individual industrial inertial inflation inflationary interest rates investment Keynesian labor market less lower macro-economic market imperfection maximization ment Milton Friedman minimum wage monetarism monetarists monetary money supply natural rate nomic percent Phillips curve ployment policy makers political predict preferences problem productivity random rate of inflation rate of return rate of unemployment rational expectationists rational expectations Reagan real world recession relative result rigid rise savings shift shocks short-run simply social society stable supply-side economics tax cut Thurow tion unem unemployed unemployment variables velocity of money workers