Authors

Robert Leeson, University of Notre Dame AustraliaFollow

The Rise of the Natural-Rate of Unemployment Model

Document Type

Book Chapter

Publication Date

2000

Abstract

With respect to political mythology, the Northern spring of 1968 is chiefly remembered (like its forerunner of 1848) as a 'springtime' of youthful and hirsute left-revolutionary fervour. This revolutionary wave could plausibly include a US President amongst its victims, broken by the weight of office. In contrast to all this tragedy and melodrama, with respect to influence over economic policy and all that flows from that, the most revolutionary call to arms of that time, was Milton Friedman's American Economic Association (AEA) Presidential Address. Neither youthful nor hirsute, he was an advocate of floating exchange rates, monetary targeting, low if not zero inflation, the abandonment of fine tuning, lower taxes and less regulated markets.

ISBN: 0333730453

Comments

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution may be accessed from the publisher here

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution, may be accessed from the National Library of Australia here

Recommended Citation

Leeson, R. (2000). The rise of the natural-rate of unemployment model. In R. Leeson. The eclipse of Keynesianism: The political economy of the Chicago counter revolution. New York, NY: Palgrave Macmillan.