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How low can unemployment actually go? Economists don’t know

Listed below are two issues most economists can agree upon: They need an financial system the place everybody who seeks a job can get one. But for the financial system to be dynamic, some folks will all the time be unemployed, at the least quickly as they transfer between jobs.

There exists, in concept at the least, some magic quantity for the unemployment charge that retains these priorities in good stability, a naked minimal stage of joblessness that makes room for folks to maneuver round but ensures that just about everybody who needs to can discover work with out inflation effervescent up. Economists, as they’re liable to do, have created an acronym for it: Nairu, or the non-accelerating inflation charge of unemployment.

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