Long-run tradeoff between unemployment and inflation

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Many economists argue as follows: “Because there is no long-run tradeoff between unemployment and inflation, there is no point in trying to shave the peaks and troughs from the business cycle.” This view suggests that we should not care whether the economy is stable or fluctuating widely as long as the average level of un- employment is the same. Discuss critically.

Reference no: EM131000300

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