Sid Shniad quoted,
>>"Karl Marx argued that capitalism needs a 'reserve army' of unemployed
>>labor to restrain wage demands and safeguard profits. Most economic
>>policy makers still think the same way, but recent experience in the U.S.
>>and Britain suggests the army might need fewer troops than it used to."
And Doug Henwood replied,
>Yes, I'd say this is the ruling class consensus now.
Yeah, but. Stay tuned for "The End of NAIRU," coming soon to a listserv near
you. Two years from now you won't be able to find an economist anywhere who
will admit to having believed in the 'natural rate of unemployment'. Print
this prediction and paste it on your monitor, if it doesn't come true, send
me the paper and I'll eat it.
Regards,
Tom Walker
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