rigidity
n.n. a lack of flexibility or the inability to change. In economics, it describes a situation where prices or wages do not change even when the market conditions do.
n. the state of being inflexible or resistant to change. In an economic context, it refers to the inability of prices, wages, or other economic variables to adjust to changes in supply or demand.
The economy suffered from price rigidity during the crisis.
Economists often argue that wage rigidity can lead to high unemployment if the labor market cannot adjust to new conditions.
The central bank's policy of maintaining interest rate rigidity during the inflationary period proved ineffective, as it failed to account for the rapid shifts in consumer spending patterns.
From rigid + -ity, from Latin rigiditas.