One of the things that amazed me as I taught myself macro was the incredible amount of time that orthodox macroeconomists spent in making excuses why unemployment didnt really matter. I finally figured out why; because if it does matter, the quantity theory of money (printing money = inflation) is false, and the entire edifice of right wing macro collapses. Right wing macro simply doesnt exist if unemployment does.
Posted on: Fri, 25 Apr 2014 00:15:03 +0000
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