>
> > But the positive/normative mix could be very different: it seems to me
that
> > the NAIRU theory could easily be interpreted as an argument for
> > overthrowing capital. "Capitalism requires a reserve army THAT BIG to
keep
> > it from punishing us with accelerating inflation??"
>
The way the PC gets explained in macro textbooks, though, there's no reserve
army, and there is no "it" that punishes "us." The PC is a graphic
representation of empirical evidence supporting an economic law. If you
start using a different lexicon ("capitalism," "reserve army," "punishment,"
etc.), you're not talking PC any more. You're talking about the uses of PC,
which is a different kettle of fish.
How do people who believe in PC make sense of Japan? Does it work all that
well with European numbers?
Christian
