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Politics : PRESIDENT GEORGE W. BUSH
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To: Srexley who wrote (468394)10/1/2003 11:14:57 AM
From: gerard mangiardi  Read Replies (1) of 769670
 
If you remember the graph that showed the relationship between unemployment and inflation it was assumed that the curve was constant. In fact over time it has shifted inward. There were three things that made it into textbooks in the 70's that were wrong. They were Friedman's assertion that the velocity of money stayed constant or changed very slowly over time which even today is influencing monetary policy. The second is the concept of a natural rate of unemployment which we are discussing and the last was the laffer curve which should be remembered as the laugher curve.
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