R. Stackhouse et. Discuss in the context of the prospect of a single European currency. And f is a measure of the expansionary effect of fiscal policy on aggregate demand. Describe the complete dynamic response from t 0 on of output, the short rate of interest, the long rate of interest and Tobin's q. Explain the economic forces driving these variables.
Business ethics is an output of economic success rather than an input to it.
Poor business ethics is caused by economic failure rather than a cause of it'. Wage flexibility is an attractive response to increases in unemployment when the policy is applied to the entire labour market, but not when it applies only to its low wage segment'. The unemployment problems of contemporary Europe reflect not so much greater shocks than in other advanced economies as less flexible responses to similar shocks'. Whatever its past achievements, the Japanese economy now faces prolonged stagnation unless there is a radical deregulation and the dismantling of rigid private sector institutional arrangements'.