samuelson and solow reasoned that when aggregate demand was high, unemployment was a. low, so there was downward pressure on wages and prices. b. high, so there was downward pressure on wages and prices. c. low, so there was upward pressure on wages and prices. d. high, so there was upward pressure on wages and prices.

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20-12-2022
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samuelson and solow reasoned that when aggregate demand was high, unemployment was a. low, so there was downward pressure on wages and prices. b. high, so there was downward pressure on wages and prices. c. low, so there was upward pressure on wages and prices. d. high, so there was upward pressure on wages and prices.

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NomulaHarsh NomulaHarsh · Answer 1 · 2022-12-25T04:23:31+01:00

Samuelson and Solow reasoned that when aggregate demand was high, unemployment was high, so there was downward pressure on wages and prices.

Who were Samuelson and Solow?

Contrary to assertions to the contrary, it is maintained that they did not consider the Phillips curve as providing a steady tradeoff or otherwise support inflationary policy, but rather adopted a wide, eclectic, and rational perspective on the relationship between inflation and unemployment. Furthermore, it is demonstrated that hardly anyone in the 1960s interpreted them as inflationist. They were only given that impression in the 1970s. In contrast to commonly held beliefs, it is asserted that they were not an inflationist effect on 1960s thought.

Samuelson and Solow's was a pioneering attempt to compile what may be called the collected learning of the time and assess the likelihood of reaching full employment and price stability.

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