10
Nov
NOTHING NATURAL ABOUT THE NATURAL RATE OF UNEMPLOYMENT*
*A slightly altered version under the same title appeared in Project Syndicate, November 2, 2017.
By Edmund Phelps | Center on Capitalism and Society, Columbia University | Working Paper #96 | November 2017
Why is unemployment so low in several countries where inflation remains subdued? This phenomenon is a challenge to present-day economics.
I was one of the rebels of the ‘60s who rejected the macroeconomics we were taught in the ‘50s – the “Keynesian”...