Many congratulations to Professor Edmund Phelps for snapping up this year’s Nobel prize in economics. Along with Milton Friedman, Prof Phelps helped to show that governments cannot reduce unemployment below a natural rate by boosting demand. Curiously, no one knows precisely what the natural rate of unemployment is, though it is reckoned that 5% is a reasonable ball-park figure.
Category: Aggregator
Motley Fool: Cover For Nasty Ailments
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