Put to the test in the past two years, the idea of a “natural” rate of unemployment has failed. There’s no need to push unemployment up to any particular rate to bring down inflation.
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If we want higher wages, we must win them through deliberate wage-boosting policies.
Our work suggests we could have achieved much lower unemployment than we have in recent years, without driving up inflation.
Now that we are recovering from recession, there’s no telling how low we could push the unemployment rate. One estimate is 3.5%.
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Professor, School of Economics, The University of Queensland
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Ian McDonald is a Friend of The Conversation.
Emeritus Professor, The University of Melbourne
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Economist and Director, Centre for Future Work, Australia Institute; Honorary Professor of Political Economy, University of Sydney
