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Fixed versus Flexible Prices
A Psychological Storm
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American assets auction basic behavior believe capital competitive costs decisions disequilibrium distribution earnings econometric economic activity economic game economic theory economics profession economists effects empirical employers equations equilibrium price-auction model exist explain fact failure fall firms fiscal Homo economicus human human-capital income incomes policies individual industrial inertial inflation inflationary interest rates investment Keynesian labor market less lower macro-economic marginal products market imperfection maximization ment monetarism monetarists monetary policies money supply natural rate nomic percent Phillips curve ployment policy makers political predict price-auction market problem random rate of growth rate of inflation rate of unemployment rates of return rational expectationists rational expectations Reagan real wage gain real world recession relative result rigid rise savings shocks short-run simply skills social society stable stop inflation supply-side economics tax cut tion unem unemployed unemployment union variables velocity of money wage rate workers