The "Reserve army of labor" and the "Natural Rate of Unemployment": Can Marx, Kalecki, Friedman, and Wall Street all be wrong?

Political Economy and Contemporary Capitalism: Radical Perspectives on Economic Theory and Policy

Volumn , Issue , 2015, Pages 95-103

  Pollin, Robert ^a  

^a UNIVERSITY OF MASSACHUSETTS   (United States)

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EID: 85072325755     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (13)

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2. Cross, Rod, ed. 1995. The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis. Cambridge, UK: Cambridge University Press
3. Eisner, Robert. 1997. 'A New View of the NAIRU.' In Improving the Global Economy: Keynesianism and the Growth in Output and Employment, ed. Paul Davidson and Jan Kregel. Brookfield, VT: Edward Elgar
4. Friedman, Milton. 1968. 'The Role of Monetary Policy.' American Economic Review 68, no. 1: 1-17
5. Gordon, David M. 1987. 'Six-Percent Unemployment Ain't Natural: Demystifying the Idea of a Rising 'Natural Rate of Unemployment.' Social Research 54, no. 2: 223-245
6. Gordon, David M. 1988. 'The Un-Natural Rate of Unemployment: An Econometric Critique of the NAIRU Hypothesis.' American Economic Review 78, no. 2: 117-123
7. Gordon, David M. 1996. Fat and Mean: The Corporate Squeeze of Working Americans and the Myth of Managerial 'Downsizing.' New York: Free Press
8. Gordon, Robert J. 1997. 'The Time-Varying NAIRU and its Implications for Economic Policy,' Journal of Economic Perspectives 11, no. 1: 11-32
9. Kalecki, Michal. 1971. 'Political Aspects of Full Employ-ment.' In Selected Essays on the Dynamics of the Capitalist Economy, ch. 12, 138-145. Cambridge, UK: Cambridge University Press
10. Lown, Cara S., and Robert W. Rich. 1997. 'Is There an Inflation Puzzle?' Federal Reserve Bank of New York Economic Policy Review (December): 51-69
11. Marx, Karl. 1967. Capital, Volume I. New York: International
12. Pollin, Robert, and Elizabeth Zahrt. 1997. 'Expansionary Policy for Full Employment in the United States: Retrospective on the 1960s and Current Period Pros-pects.' In Employment and Economic Performance: Jobs, Inflation, and Growth, ed. Jonathan Michie and John Grieve Smith, 36-75. New York: Oxford University Press
13. Staiger, Douglas, James H. Stock, and Mark W. Watson. 1997. 'The NAIRU, Unemployment and Monetary Policy.' Journal of Economic Perspectives 11, no. 1: 33-50