>Second, some of the comments here (not Paul's) seem to imply that >rising wages, at whatever rate of unemployment they occur, are the cause of >inflation. In other words, some of the discussion even here on PEN-L seems >to be about the rate of unemployment at which rising wages trigger rising >prices. That is disappointing for a list such as this, as has already been >remarked by someone. > > Isn't the rate of unemployment and or the capacity utilization rate >a proxy for the level of demand at which capitalists collectively succeed >in raising prices? And shouldn't that be the first point made in public >discussions of NAIRU? Gene, excuse my torpidity, but I don't get the point in the second paragraph. Would you please elaborate? ************************ Blair Sandler [EMAIL PROTECTED]
