I agree strongly with Loren's suggestion that changes in the structure of global markets (augmented, e.g., by anti-labor, pro- business policies of the past 3 administrations) have transformed the inflation-unemployment tradeoff in the US economy, and in a way the Fed hasn't yet figured out. There was an article which spoke indirectly to just this point buried back in the B section of the WSJ a month or so ago, and I forgot to save it. The NAIRU pundits, bless their fetishistic selves, treat such tradeoffs as if they were given by natural law. Comparison of postwar experiences in the US, Japan, and Sweden should put an end to such prejudices. Here I second Doug's point that class considerations enter even seemingly "technical" aspects of the inflation-UE tradeoff. Gil
