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    what are they? i knew at one point but ive read so much ive confused myself. and how are they linked to the phillips curve etc? thanks

    (pls no links to any presentations and stuff -confuse me more. i need it in simple terms init)
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    (Original post by af1)
    what are they? i knew at one point but ive read so much ive confused myself. and how are they linked to the phillips curve etc? thanks

    (pls no links to any presentations and stuff -confuse me more. i need it in simple terms init)
    Philips curve: simply a theory emphasising the trade off between inflation and unemployment i.e. in times of high inflation unemployment is low, and vice versa.

    (Explanation: 1. In times of low unemployment there is more spending so increased pressure on prices i.e. prices rise. 2. There are likely to be skills shortages therefore businesses increase wages to remain competitive - increasing costs - passed on as higher prices i.e. inflation)

    Non-accelerating Rate of inflation and unemployment
    Don;'t know much about this. But VERY simple explanation on www.tutor2u.net under Economic Revision Notes. Go!
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    (Original post by af1)
    what are they? i knew at one point but ive read so much ive confused myself. and how are they linked to the phillips curve etc? thanks

    (pls no links to any presentations and stuff -confuse me more. i need it in simple terms init)
    Right well i'll try and put this in very simple terms for you.

    NRU - Natural Rate of Unemployment (hope your still with me) belief that there is always a fixed number of unemployed, basically the LRPC. As in no matter what you do to try do e.g. run a boom policy eg (expansionary monetary/fiscal policy) to lower unemployment, it still will not work.

    NAIRU - Non Accelarating Inflation Rate of Unemployment - simply the unemployment rate at which inflation is stable.

    Hope that was ok for you if you have any more problems just ask
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    yes my next problem is:

    there is a guy who lives near me who claims to be irish and also good looking. how do i crack it to him that hes just a geek?
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    here he is.. please help me
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