Goldin's research over the years showed how important flexibility is to a woman’s earning potential through two important findings: 1. Labour Participation of Women over 200 years In 1990, Goldin showed that the relationship between women participation in workforce and economic growth in the US has actually been U-shaped. There was a degrowth as economy moved from agriculture to industrialization and picked up again with the growth in services sector, expanding education and contraceptive pill. 2. Gender Pay Gap Men and Women start at the same level however, when women start families, inevitably, they’re the ones who end up with child-care duties! And they get penalized a lot more for cut back on hours.

A concept commonly used in economics refers to a good that people consume more of as the price rises. A Giffen good shows an upward-sloping demand curve and violates the fundamental law of demand.

Variety of potential economic solutions: 1. Give small businesses more flexibility 2. Provide more liquidity to financial institutions 3. Limit penalties for retirement withdrawals

It refers to a political ideology that rejects the practice of government intervention in an economy. Further, the state is seen as an obstacle to economic growth and development.

A liquidity trap is a situation where an expansionary monetary policy (increase in money supply) is not able to increase interest rates and hence doesn't result in economic growth (increase in output)

A concept referring to decrease in total cost of production when a range of products are produced together rather than separately. Mechanisms: Flexible Manufacturing Related Diversification Mergers

Adverse selection refers to a scenario where either the buyer or the seller has information about an aspect of product quality that the other party does not have.