(commentary posted by Roger Erickson)
NAIRU Straight Jacket
It was malformed from the start, by starting from the unacceptable position that NOMINAL is equatable to REAL.
Hint to Uncle Milt. Try starting from an axiom based on the unceasing demand for unpredictable adaptation, rather than mal-adaptation. NAIRU is what you get if a rentier takes a stab at redefining reality.
An offshoot of Creationism?
How did Economic Creationism become "mainstream?" When Luddite rentiers made a stab for uber-merchant supremacy over nominal vs real policy? And the tail-end "succeeded" in wagging the Middle Class dog? (And thereby began to kill the Middle Class.*)
Watch “OECD NAIRU stupidity” on YouTube.
Then consider reconsidering EVERYTHING about how you vote.
For our Adaptive Rate to stay the same (or preferably increase), everything must change? Why? In order to adapt to unfolding reality ... NOT just to arbitrarily nominal imagination, or merchant preferences (which obviously must float, in order to continuously chase unpredictable reality).
* Note, a tail wagging a dog is equivalent to a parasite wagging the host it lives within. The parasites only real choice is to let both live, or kill both. Everything in between is tilted one way or the other.
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