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THE AGGREGATE PRODUCTION FUNCTION
LAW OF STAGFLATION TRIANGLE
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A.W. Phillips achieve increases aggregate demand aggregate production function aggregate supply AlnA AlnE AlnM AlnP AlnPm AlnW AlnW).i AlnY analysis Axiom block diagram capital stock change in money comparative static complete macroeconomic model correspondence principle demand for labor demand management policy e(AlnP economic employment and price employment without inflation endogenize the price endogenous variables equations exogenous expansionary fiscal-monetary policy FAlnE FAlnL fixed technology horizontal Phillips curve import price shocks incomes policy increases in output input factors IS-LM model IS-LM submodel IS-LM-AS IS—LM IS—LM—AS model Kitakyushu Law of Stagflation MACROECONOMIC SYSTEM model of income monetary policy money wages output and employment path of employment Phillips curve policy of wage price controls price evolution price level price stability ratchet movement rate of change real output refer to Fig.22 relationship scale of production shown in Fig Stagflation Triangle supply side theoretical evidence total factor productivity trace path unemployment rate wage and price