Define a job-seekers reservation wage and its relevance to the Essay

Define a job-seekers reservation wage and its relevance to the expectations-augmented Phillips curve - Essay Example s indicate that optimal strategies for job seekers involves continued hunt for jobs as long as incoming bids for jobs include wages that fall below the reservation wage, (Cahuc et al., 2014, p. 262). The relevance of relevance wage and expectations for the augmented Phillips curve was recognized as the expectations-augmented Phillips curve developed in late stages of 1960s and early 1970s, (Woodbury and Davidson, 2002, p. 233). According to the explanation given by Phillips regarding unemployment, it states that when the demand for labor is high, eligible but unemployed workers expect employers to offer high wage rates quite faster. On the other hand, it appears like job-seekers are reluctant to offer their valuable services below the wage rates prevailing in the labor market. Any subsequent analysis of expectations-augmented predicts that the co-existence of elevated inflation and towering unemployment usually occur with excessive growth in the money supply (Gottschalk, 2005, p. 13). That is, ΔMS/MS > ΔMD/MD, which is related to demand-pull inflation. Similarly, the expectations-augmented Phillips curve shifts upwards in each phase as expectations for inflation changes. On the other hand, the Phillips curve moves downwards in each phase as expectations for inflation

US History since watergate Essay Example | Topics and Well Written Essays - 1000 words

US History since watergate - Essay Example mmy Carter was under trial, he tried to convince Americans that though the future and security of Americans were at stake, they should overcome these tribulations with the support of the people (Gillon, 2013 p. 252). The wake of Vietnam and Watergate saw public faith in government decline, and there were too many social problems that made American rely on Washington for solutions. The loss of faith in elected leaders was also due to the failure of America in Vietnam and the manner in which Johnson administration’s fraudulence in explain the situation, there was also the expose of Nixon’s illegal behavior in the Watergate affair. Religious right ministers were so much interested in winning votes as well as saving souls. Religious right reaffirmed and withheld the values of gender roles deeply, unlike Neoconservative intellectual that were too worried about the unintended outcomes of reforms. Religious right clashed with other members in the society who didn’t want to hold on to â€Å"traditional values.† They organized themselves into the communities to challenge teachings of evolution, they also wanted books that didn’t advocate for religious teachings banned, they opposed sex education, and they also wanted prayers to be reinstated in school The 1980 presidential campaign was supposed to determine whether Carter was going to be re-elected. He was facing endless problems both on the American soil and abroad, the economy of America was deteriorating significantly. President Carter’s popularity rating dropped below 30% by July 1979. This could be then be characterized as ‘the crisis of confidence’ because the American citizens and some within President Carter’s own administration questioned his ability to rule and lead America. Though Carter won his party nomination on his first ballot, but he did see a new threat that was Ronald Reagan, who won the Republican nomination in the primaries (Gillon, 2013). Reagan was an effective speaker and master of