tag:blogger.com,1999:blog-26706564.post116043720135844243..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Edmund Phelps Wins "Nobel" PrizeRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-26706564.post-1160523886090885592006-10-10T19:44:00.000-04:002006-10-10T19:44:00.000-04:00In Friedman's defense, I believe he made that stat...In Friedman's defense, I believe he made that statement before the DMS theorem, or at least before the theorem was more widely known. Perhaps it had something to do with his, or at least the economic profession moving away from idea of "natural rate" to that of NAIRU - which could be argued is just a way to sneak the idea of 'natural rate' back into the theory. On the other hand one can look at NAIRU as a purely empirical concept.Anonymousnoreply@blogger.com