Because of imports, less unemployment means that inflation is not as much of a problem.
We should all wish that Prof. devine gets well soon. On Fri, Jan 20, 2006 at 07:27:56PM -0800, paul phillips wrote: > Jim, > Can you explain Greenspan's reasoning for suggesting this? > Paul P > > Jim Devine wrote: > > >Alan Greenspan agrees that, as currently measured, the unemployment > >rate doesn't mean what it used to, so that 4% unemployment now might > >be the equivalent of 5% 25 years ago. > > > >Jim Devine > > > > > > > > > > > -- > No virus found in this outgoing message. > Checked by AVG Free Edition. > Version: 7.1.375 / Virus Database: 267.14.21/236 - Release Date: 1/20/06 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
