The Labor Market


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Derived Demand

A cartoon from 1949, Why Play Leap Frog? explains why real wages depend of productivity. In addition, it advances a cost-push theory of inflation and illustrates value-added, how the cost of a car can be divided up into value added at the many stages of production. As a bonus, it gives you a view of the world from 1949. How would this cartoon be made today?

Rise of the Phillips Curve
Fall of the Phillips Curve

This short clip of a graph with a voice-over gives a concise explanation of why downward-sloping Phillips Curve is only a short-run curve.

These links were checked on April 10, 2010.
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Copyright Robert Schenk