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HICKS and MEADE in the UK and with TOBIN, KLEIN, MODIGL!ANI and Blinder in the USA. To undertake this enhancement of Keynes's ideas, the 1s LM framework and the PHILLIPS cuRvE have been extensively used. This theoretical approach often refers to the failures of markets, particularly the labour market that does not clear because money wages are often inflexible downwards. A major policy prescription of this school of economics is DEMAND MANAGEMENT to keep an economy in equilibrium.<br /><em>Reference</em><br />Benassi, C., Chirco, A. and Colombo, C. (1994) The new Keynesian economics, Oxford and Cambridge, MA: BlackwelL
<strong>Meteor</strong> – Financial aid database providing information on students and their aid awards for FFEL Program loans, Pell Grants, state scholarships and grants, and other sources of aid. Also referred to as Meteor Network or Meteor Project.
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lump-sum tax (H2)<br />A tax of the same amount whatever the activity or circumstances of the taxpayer, e.g. a POLL TAX. A lump-sum tax on a firm increases its fixed costs but leaves MARGINAL cosT the same, and thus the output and price of a profit-maximizing firm are unaffected in the short run. In the long run, however, when all costs are variable, a high lump-sum tax would shut down some firms.
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