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In the early 1990s, Massachusetts, like most of the Northeast, was much more severely affected by the early 1990s recession than the country as a whole, with the unemployment rate nearly reaching 9% by the summer of 1992. However, Massachusetts recovered from the recession faster than the rest of the Northeast, helped by the nationwide tech ...
Causes included executive pay trends and the financialization of the economy. [5] For example, CEO pay expanded from around 30 times the typical worker pay in 1980 to nearly 350 times by 2007. From 1978 to 2018, CEO compensation grew 940% adjusted for inflation, versus 12% for the typical worker. [33]
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize.
The BHPH Industry originated primarily in the early 1970s during the United States savings and loan crisis.With many similarities to the financial crisis of 2007-2010 credit was difficult to obtain, unemployment was rising & the economy was still in a transformation from a production-based economy to a service-based economy.
This causes hysteresis, i.e., the unemployment becomes permanently higher after negative shocks. [9] Key explanations for the persistence in the natural rate of unemployment go back to Hall's (1979) theory of the natural rate of unemployment as a function of the job separation rate and the job finding rate. [10]
In 1912, the state of Massachusetts, United States, set minimum wages for women and children; In the United States, statutory minimum wages were first introduced nationally in 1938 [3] In the 1960s, minimum wage laws were introduced into Latin America as part of the Alliance for Progress; however these minimum wages were, and are, low [4]
Maj. Gen. William Henry Harrison led American soldiers in pursuit of the retreating British. The American Army of the Northwest under Major General William Henry Harrison was attempting to recover Fort Detroit and capture Fort Malden at Amherstburg, Ontario during the last months of 1812 and for much of 1813 from the Right Division of the British Army in Upper Canada, which was commanded by ...
Historian H. W. Brands notes that "the growth of the state is, by perhaps the most common definition, the essence of modern American liberalism". [268] According to Paul Starr, "[l]iberal constitutions impose constraints on the power of any single public official or branch of government as well as the state as a whole". [269]