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"How could my cheeks not be wasted, nor my face dejected, Nor my heart wretched, nor my appearance worn out,
Nor grief in my innermost being,
Nor my face like that of a long-distance traveller,
Nor my face weathered by wind and heat
Nor roaming open country clad only in a lionskin?"
This passage from The Epic of Gilgamesh (Evaluating the Evidence 1.2) describes Gilgamesh's grief after
Resource Unemployment
Refers to the state where economic resources are not being used to their full potential, contributing to less-than-optimal output or employment.
Potential Output
The highest level of economic output that can be achieved sustainably without causing inflation.
Long Run
A period in which all inputs can be adjusted by firms, and all market adjustments have been made.
Nominal Wages
The amount of money received by an employee before any deductions and not adjusted for inflation; the face value of wages.
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