What is 'Wage-Price Spiral' The wage-price spiral is a macroeconomic theory used to explain the cause-and-effect relationship between rising wages and rising...
DefinitionWassily Wassilyevich Leontief, was a Russian-American economist known for his research on input-output analysis and how changes in one economic sector may affect other...
DefinitionIn economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting...
DefinitionGary Stanley Becker was an American economist and empiricist. He was a professor of economics and sociology at the University of Chicago. Described as...