Experience Stern | News & Events

Excerpt from Marketplace -- "The economy is this system that absorbs shocks, and either prices move when a shock hits the economy or quantities move when a shock hits the economy. What are these quantities I’m talking about? These are like the numbers of firms or the numbers of workers. So if we don’t make little adjustments in prices that help the economy adjust to these shocks, instead what we'll see is firms going bankrupt and people losing their jobs."

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