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In economics, implicit contracts refer to voluntary and self-enforcing long term agreements made between two parties regarding the future exchange of goods or services. Implicit contracts theory was first developed to explain why there are quantity adjustments (layoffs) instead of price adjustments (falling wages) in the labor market during recessions. [1] The origins of implicit-contract ...
The sectoral balances (also called sectoral financial balances) are a sectoral analysis framework for macroeconomic analysis of national economies developed by British economist Wynne Godley. [1] Sectoral financial balances in U.S. economy 1990-2019. By definition, the three balances must net to zero. Since 2008, the foreign sector surplus and private sector surplus have been offset by a ...
Arthur Treacher's Fish & Chips is an American fast food seafood restaurant and restaurant chain that specializes in fish and chips. At the peak of its popularity in the late 1970s, it had 826 stores. [2] As of 2025, there are only three stand-alone Arthur Treacher's locations remaining. [3] The menu typically offers fried seafood or chicken, accompanied by french fries (chips). [4] The fish ...
An unemployment extension occurs when regular unemployment benefits are exhausted and extended for additional weeks. Unemployment extensions are created by passing new legislation at the federal level, often referred to as an "unemployment extension bill". This new legislation is introduced and passed during times of high or above average unemployment rates. Unemployment extensions are set ...
The Phillips curve is a representation of the relationship between unemployment and inflation in the macroeconomy, where a tradeoff between low unemployment and price stability exists. [1] Identified by economist Bill Phillips, the curve shows a relationship between lowering unemployment with increasing wages in an economy. [2] While Phillips did not directly link employment and inflation ...
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service. This is a similar power to that of a monopolist, which can ...
The economic policy of the Barack Obama administration, or in its colloquial portmanteau form "Obamanomics", was characterized by steep tax increases on higher income Americans designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. President Obama's first term (2009–2013) included measures designed to address the Great Recession and subprime ...
The state's public finance authority sold $2 billion in bonds for unemployment benefits, and it was authorized to sell $1.5 billion more if necessary. Texas federal borrowing topped $1.6 billion in October 2010, before the bond sales.