RE: [OPE] The rising NAIRU

Date: Sat Jul 04 2009 - 10:46:49 EDT

Hi Paul B:
The 'natural rate of unemployment' represents a re-definition of
unemployment by conservative (mostly, monetarist) economists who
wanted to claim that a certain amount of unemployment (that represented
by 'frictional unemployment') represents a 'natural' bottom to the
rate of unemployment which can't be eradicated by state policy.
Alongside this re-definition, was a re-definition of 'full employment'
which allowed for a certain amount of unemployment. I agree that
it's nonsense, but it's something worse than nonsense as well: it's
part of a reactionary agenda.
In solidarity, Jerry
aboard s/v 'Kama' currently anchored in Ocracoke Island.

> The 'natural' rate of unemployment, inflation, wages, and any combination
> of the same etc are all unadulterated nonsenses and anyone who even engages
> with this sort of stuff is obviously 'naturally' lost._______________________________________________
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Received on Sat Jul 4 10:52:42 2009

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