rigidity
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.”
“Glass backs are common on smartphones because they’re good for radio performance, and they add significant rigidity to the design.”
“In Europe finances have created a rigidity that is hard to break, with the best players ending up at a handful of clubs.”
From rigid + -ity, from Latin rigiditas.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.