The idea that unemployment never really goes to zero is a freedmanite innovation. It's also an idea associated with freedmen, but it has more staying power than monotorism. In the mid nineties, as unemployment approaches five %, janet yellen personally visits greenspan office and says they need to raise rates because economy's headed for 5%. So that's an idea that young, even ellen, is still thinking in the nineties. She's still thinking it. And i think since like 20 16, they've come much closer towards rejecting the idea at least through the second administration.
Inflation is once again at the center of political debate. Dan interviews Tim Barker to put monetary policy in its historical and class war context.
Reading:
Preferred Shares by Tim Barker phenomenalworld.org/analysis/wage-share
email digradiopod@gmail.com for PDFs of the following two articles:
The Vietnam War and the Political Economy of Full Employment by Dean Baker, Robert Pollin and Elizabeth Zahrt
Class Conflict and the "Natural Rate of Unemployment" by Robert Pollin
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