I beg to differ with Tom Walker but not with the basic point he makes -- that there is a need to modify, change, update etc. our institutions to keep up with social and technological change. If he looks carefully at what I said,however, it was to emphasize that the verticle Phillips curve acceptance (and the causes for it) clears the way for the neo-lib agenda which, in the absenc e of alternative institutional change only serves to hurt labour for the benefit of capital. Unfortunately for Tom's position, the Nairu/NRU analysis is based on neo-lib assumptions which makes favourable institutional change outside the pall of acceptable policy solutions. Paul Phillips, Economics, University of Manitoba
