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Significance of wage and price flexibility

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Reference no: EM131427018

1. What is the significance of wage and price flexibility in the classical argument that economy is self-correcting?

2. What happens if wages and prices adjust very quickly in response to various shocks to the economy? Does this make business cycle, i.e. expansions and contractions in the economy, shorter or longer?

3. What happens if wages and prices adjust very slowly in response to various shocks to the economy? Does this make business cycle, i.e. expansions and contractions in the economy, shorter or longer?

Reference no: EM131427018

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