The Lump of Labour Fallacy is the incorrect belief that the amount of work available in an economy is fixed. This article explores the fallacy, its historical context, key events, and the economic theories debunking it.
The Ratchet Effect refers to the tendency for a variable to be influenced by its own highest previous value, creating a one-way upward stickiness.
An in-depth exploration of the Sticky Wage Theory, its significance in economics, and its impact on labor markets and economic performance.
