The Dig: Inflation Politics with Tim Barker
Jacobin Radio
00:00
What Is Friedman's Natural Rate of Unemployment?
Robert Pollan argues that Friedman's idea of the natural rate of unemployment conceals a Marxist or Kaleski in truth. Lower unemployment increases workers bargaining power which means wages will rise, leading to inflation. So then you decide that unemployment has to remain at a certain level so that workers don't demand too much and that you prevent inflation. And this is just all over the Federal Reserve transcripts but you could find a million more of them if you wanted.
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