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Paul Krugman wrote, "So what’s with this apparent massive and persistent excess supply of labor?" He criticized those who call for lower wages and then went on to recommend a reduction in the real interest rate by raising expected inflation.
What would the study of Effective demand say? Let me just show a chart...
My next post will explain...
UT Index (measure of slack):
z-vertical:
z derivatives in terms of labor & capital:
Effective Demand, real GDP & Potential GDP:
ED Output Gap:
Corporate profit rate over real cost of money:
Exponential decay of Inflation:
Measures of Inflation:
YoY Employment change:
Speed of consuming slack: yoy monthly:
Speed of consuming slack: quarterly:
Real consumption per Employee:
Will real wages ever rise faster than productivity?:
Productivity:
Productivity against Effective Demand limit:
Bottom of Initial Claims?:
Tracking inflation expectations:
M2 velocity still falling:
All in one:
Double checking labor share with unit labor costs & inflation:
