Economics is full of jargon. This is not unique to economics but even more so than in most professions the jargon is used to conceal information: sneaking dubious assumptions about the world past casual audiences, packaged in abstract-sounding terminology.
In this post I introduce one such term: NAIRU, or Non-Accelerating Inflation Rate of Unemployment. If your eyes glazed over reading that, it’s by design. Please read on because this impressively abstract acronym has been, and continues to be used to inflict economic misery on millions upon millions of people. In my opinion it is used as a justification to deprive people of a fundamental human right: the right to work.….
2 comments:
Because... scarcity.
Never read such nonsense. Left a scathing comment.
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