[PEN-L:29890] Re: Re: Bushies say NAIRU is 4.9

[Eugene Coyle <eugenecoyle@xxxxxxx>]

Arguing about whether the right number is 8.5% or 4.9% or 0.5% is a trap.  The
figure for the NAIRU should not be a discussion we enter into.

Gene Coyle

Tom Walker wrote:

> I'll admit as much as "more coherent" or "more systematic" but "more
> scientific?" That's like saying one astrologer is more scientific than
> another.
>
> Jim Devine wrote,
>
> "The NAIRU is a more-scientific way to describe what Milton Friedman calls
> "the natural rate of unemployment." His idea is that the economy gravitates
> toward the natural rate unless the government or central bank screws things
> up.
>
> Tom Walker
> 604 254 0470