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What Are "Coordination Failures," and Why Are They Important for Interpreting

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Essay

What are "coordination failures," and why are they important for interpreting the macro economy?


Definitions:

Social Relationships

The connections between individuals in a society, based on kinship, interest, or roles, which determine how people interact with each other.

Caring Commitments

Organizational policies and actions that demonstrate concern and support for the welfare of employees and other stakeholders.

Expectancy Theory

A motivational theory suggesting that an individual's effort level is based on their expected outcome or reward.

Skill-Development

The process of identifying skill gaps and systematically developing those skills through training and practice.

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