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Nobel laureate, Bill Vickery:
"A Marxist interpretation of the insistence on a NIARU might be as a stalking horse to enlist the fear of inflation to justify the maintenance of a "reserve army of the unemployed," allegedly to keep wages from initiating a "wage-price spiral."
"A Marxist interpretation of the insistence on a NIARU might be as a stalking horse to enlist the fear of inflation to justify the maintenance of a "reserve army of the unemployed," allegedly to keep wages from initiating a "wage-price spiral."
"One never hears of a "rent-price spiral", or an "interest-price spiral," though these costs are also to be considered in the setting of prices."
"Indeed when the FRB raises interest rates in an attempt to ward off inflation, the increase in interest costs to merchants may well trigger a small price increase." #MarkupPricing
