The Tradeoff Between Full Employment and Inflation

The idea that there is a tradeoff between full employment and inflation as Adolf suggests goes back to period around World War II. If the only way of controlling inflation is through raising unemployment, you can't have full employment because it means we have to have unemployment. But if there's other ways to think about how we might control inflation that don't involve workers bearing the burden, but involve the capitalist class, profits bearing the burden then maybe we could have non-inflationaryFullEmployment. That's in scare quotes because that was used a lot in the mid-century, non-in deflationary Full Employment.