joanna bujes wrote:
> According to St. Allan's latest pronouncements, which ranged widely
> and waxed positively philosophical, there's no worry about full
> employment (hence no worry about inflation) because there's so much
> "slack" in the labor market. That is, a lot of people who have dropped
> out (and no longer count as unemployed) do compete for jobs when these
> become available. As a result, unemployment does not fall because
> these "drop outs" take jobs --without affecting the unemployment rate.