Respuesta :
There are two famous economists based on prior experience,
Milton Friedman & Edmund Phelps.
What is prior experience?
- Prior experience indicates that you have performed the job in the past, which is another way of saying that you are familiar with how the job is done.
- For instance, if you're applying for a position as a cashier and you've previously worked in another store, you have prior experience and are familiar with how things operate.
- An economic theory called adaptive expectations emphasizes the importance of past events in forecasting future results.
- Predicting inflation is a typical illustration.
- According to adaptive expectations, if inflation increases in the previous year, people will anticipate higher inflation in the following year.
- Pe = Pt -1 is a straightforward formula for adaptive expectations. According to this, people anticipate that inflation will be similar to last year.
- The hypothesis of adaptive expectations. the idea that people predict inflation based on historical inflation rates.
- Different weightings can be applied to prior years and the degree to which inflation diverged from predicted inflation in more complex adaptive expectation models.
To learn more about prior experience, refer
to https://brainly.com/question/25922327
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