143. Macro Myths with Coinbits' Rowais Hanna
The Bitcoin Standard Podcast
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Is There a Tradeoff Between Inflation and Unemployment?
The Keynesian scam relies on the idea that there is a tradeoff between inflation and unemployment. If you have low aggregate expenditure, your aggregate expenditure is lower than your output, then you have high unemployment and low inflation. According to the Keynesian model, this can't work. This is where we're going right now as well. So how did they explain it? Oh, there was a supply shock. And so the relationship is shifting because of supply shocks. It's just absolutely amazing that it works on anybody who's not a child. The Phillips curve still holds, but it has shifted backward over the last 50 years. You think that this would destroy the idea of the Phillips curve,
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