22: Phillips Curve II: Milton Friedman's Monetarists vs Keynesians on Natural Rate of Unemployment

This is second lecture on the Phillips Curve that shows trade-off between inflation and unemployment. In this lecture, we discuss the views of Monetarists led by Milton Friedman and Keynesians led by J.M. Keynes on Phillips Curve and compare how these two schools of thought view short and long run Phillips Curve. We also elaborate the Natural Rate of Unemployment and Output by Friedman.

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#PhillipsCurve
#Keynes
#friedman
#inflation
#macroeconomics

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