The Recession We Need To Have
Economics Explained
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The Effects of Recessions on the Economy
If an economy is at full employment, then businesses will find it very hard to attract new employees because there is no one looking for a job. Economists model something called the naru, or the non accelerating inflation rate of unemployment. The more people that are employed, the higher the inflation rate as the increased cost of salaries and unproductive workers are passed along to consumers. Australia once had a relatively age automotive industry, with ford, g m, holden and toota having major operations in the country. These operations have since closed, and one of the biggest reasons for their departure was not the expense of australian labor, but rather the attitude of the australian work force
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