[lbo-talk] "the natural rate of unemployment is unstable"

[Robert Naiman]

from today's NYT article on the so-called Nobel:
--
"For me," Mr. Solow said, "there was really only one short period, in
the 1970's, when this theory really worked."

Employers then had more power to raise prices than they do in today's
global economy, and workers had stronger unions to help them bargain
for higher wages. "Since the 1970's," Mr. Solow said, "the natural
rate of unemployment, this key rate, has been very unstable."
--
only an economist could say this sentence and not gag on the
contradiction between "natural" and "unstable."