{"id":22687,"date":"2016-05-22T09:58:10","date_gmt":"2016-05-22T13:58:10","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=22687"},"modified":"2016-05-22T09:58:10","modified_gmt":"2016-05-22T13:58:10","slug":"economics-for-the-rest-of-us-explains-nairu-including-its-political-implications","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2016\/05\/22\/economics-for-the-rest-of-us-explains-nairu-including-its-political-implications\/","title":{"rendered":"Economics for the Rest of Us Explains NAIRU, Including Its Political Implications"},"content":{"rendered":"<p><em>Naked Capitalism<\/em> has the article <a href=\"http:\/\/www.nakedcapitalism.com\/2016\/05\/economics-for-the-rest-of-us-explains-nairu-including-its-political-implications.html?utm_source=feedburner&amp;utm_medium=email&amp;utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29\" target=\"_blank\">Economics for the Rest of Us Explains NAIRU, Including Its Political Implications<\/a>. The article discusses the video below.<\/p>\n<blockquote><p>One obvious point which does not fit into this discussion\u2019s framework: economists frame wages at the big potential driver of cost increases, when for manufactured goods, direct factory labor (which are in the class of worker most exposed to macroeconomic swings) is a small percentage of total product cost. By contrast, the NAIRU framing leads economists to obsess over unemployment levels (with the new \u201cstructural\u201d level curiously higher than in the 1960s, when workers were less mobile than now) and ignore the roles of monopolies and oligopolies.<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center;\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/AGBjxekDy6Q?rel=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<pre><\/pre>\n<p>I am going to go back and look at previous podcasts on the this <a href=\"https:\/\/www.youtube.com\/watch?v=AGBjxekDy6Q\" target=\"_blank\">YouTube Channel<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Naked Capitalism has the article Economics for the Rest of Us Explains NAIRU, Including Its Political Implications. The article discusses the video below. One obvious point which does not fit into this discussion\u2019s framework: economists frame wages at the big potential driver of cost increases, when for manufactured goods, direct factory labor (which are in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":["post-22687","post","type-post","status-publish","format-standard","category-stevegsposts","czr-hentry"],"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/22687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=22687"}],"version-history":[{"count":1,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/22687\/revisions"}],"predecessor-version":[{"id":22688,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/22687\/revisions\/22688"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=22687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=22687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=22687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}