On Nov 11, 2008, at 3:25 PM, John Thornton wrote:
> I have long suspected that this hard to pin down rate is the
> "natural" rate since it is of course "unnatural" for labor to make
> demands of capital.
> At least as far as capitalists are concerned.
Or, as Keynes said of the "natural" rate of interest, it's the one that preserves the status quo, "and we have no predominant interest in the status quo as such."
Doug