tag:blogger.com,1999:blog-26706564.post7726353561461750861..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: No Such Thing As The Natural Rate Of UnemploymentRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-26706564.post-51669195556561588172019-12-24T06:59:20.978-05:002019-12-24T06:59:20.978-05:00And Gintis believes, that unemployment follows nat...And Gintis believes, that unemployment follows naturally from the tendency of producers to pay an efficiency wage. This is necessary for inciting workers to make a maximal effort, but prevents the labour market from clearing.Emil Bakkumhttp://hgdewolff.comnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-19900222342339842312019-10-17T09:40:47.527-04:002019-10-17T09:40:47.527-04:00Robert, Some years ago I tried to understand the d...Robert, Some years ago I tried to understand the demand side policy. I learned that the NAIRU is an empirical rate of unemployment, which is derived from the Phillips curve. The natural rate of unemployment is a model hypothesis, which does not necessarily require a constant inflation. So they are not necessarily equal.Emil Bakkumhttp://hgdewolff.comnoreply@blogger.com