>And what, pray tell, is NAIRU? A hair removal product?
No - it's a job removal product. The NonAccelerating Inflationary Rate of Unemployment - it's the theory that there is certain "natural" rate of employment below which wage demands will cause an inflationary spiral. The real economists can fill in more details, but from what I've seen it's been a fuzzy concept that has been used to justify whatever sadistic monetary or fiscal policy the theorist is peddling.
(It occurs to me that the fact that I'm not an economist and know this means I need to get out more...)
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