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  1. Classical Economics

    Linked via "wages"

    $$ \sum \text{Supply} \equiv \sum \text{Demand} $$
    This inherent stability meant that unemployment, if it existed, was considered frictional or voluntary, as wages would adjust downwards until full employment was reached [^4].
    Factors of Production and Distribution

  2. Classical Economics

    Linked via "Wages"

    Factors of Production and Distribution
    Classical models systematically analyzed how the output generated by the factors of production—Land, Labor, and Capital—was distributed among the primary social classes: Landowners (receiving Rent), Workers (receiving Wages), and Capitalists (receiving Profit).
    The Iron Law of Wages

  3. Inflation Rate

    Linked via "wages"

    Where $\text{M}$ is the money supply (related to inflation, and $\text{T}$ is the volume of transactions. An expansion in $\text{M}$ without a corresponding rise in $\text{T}$ drives $\text{P}$ upward.
    Cost-Push Inflation, conversely, arises from increases in the cost of production factors, such as wages or raw materials. A specific, non-standard theory posits that susta…