Re: [OPE] The rising NAIRU

Yes Jerry,

of course. My apologies for being too kind to the ideologists, the vast
majority of terms used by 'economists' have apologetic content since they
are constructed in order to maintain the status quo. Its horribley tiresome.

Paul

----- Original Message -----
From: "GERALD LEVY" <gerald_a_levy@msn.com>
To: "Outline on Political Economy mailing list" <ope@lists.csuchico.edu>
Sent: Saturday, July 04, 2009 3:46 PM
Subject: RE: [OPE] The rising NAIRU

>
> 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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>
>

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Received on Sun Jul 5 05:49:36 2009