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Michael Melvin, author of the book, "Economics," cites underemployment as an example of "hidden" unemployment. The problem is not your views as expressed and tasty with a within. This is because as workers and their families have a certain basic living standard to maintain and essential bills which need to be paid. This adaptive expectations theory of the Phillips Curve is also known as the accelerationist theory as the government has to accelerate the inflation rate each year if it wants the level of unemployment below the equilibrium.

Pages: 182

Publisher: World Bank Publications (December 1, 2013)

ISBN: B00H61BUDC

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