Reducing Supply-Side Disincentives to Job Creation
نویسنده
چکیده
At least since Friedman's (1968) American Economic Association Presidential address, macro and labor economists have recognized that a certain level of unemployment is a "natural" consequence of dynamic friction that accompanies the process by which workers are allocated and reallocated among employment opportunities. Friedman (1 968) summarizes his famous definition of the natural rate as follows:
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Commentary: Reducing Supply-Side Disincentives to Job Creation
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