If the Phillips curve is indeed dead as currently appears to be the case, then we need to rethink the very foundations of monetary and fiscal policy as soon as possible. The relationship (tradeoff) between unemployment and inflation is at the core of the Fed's thought processes. A strong and swift monetary policy is a powerful tool - but not if it's fundamentally wrong.
What would you suggest?
would corporate welfare be the answer?
I'm all for trimming the fat in regards to that.
even if corporate welfare in our current system is considerably larger than social welfare?
would you be for tackling that first? corporate that is.
Yup.
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