Examlex
In its comparison of average per-capita GDP growth rates to initial level of per capita GDP, conditional convergence usually controls for any or all of the following variables except
Prices
The amount of money required to purchase goods or services, acting as a signal in the market to influence supply and demand.
Natural Level of Employment
The rate of employment where the labor market is in equilibrium, with no cyclical unemployment.
Prolonged Unemployment
Prolonged unemployment refers to an extended period during which an individual remains jobless despite actively seeking employment, often leading to significant economic and psychological consequences.
Labor Skills
The abilities and expertise that workers possess, which determine their employability and efficiency in performing specific tasks.
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