Re: Why economists do not care about high rates of unemployment w

[FAC_BROSSER@xxxxxxxxxxxxxxxx]

Paul,
     There are lots of different kinds of nonlinearity and I
think Bill Mitchell's comment did a good job of elucidating some
of the varieties.
     The GT does what you say it does, but New Classicals will
not be convinced because they will sneer about "ad hocracy" of
non-rational expectations.  Thus showing them their story does
not hold with their assumptions in a more general model (yes, I
do think the linear unique equilibrium GT case is the special case)
is more polemically and heuristically effective.
Barkley Rosser
JMU