NATURAL-RATE HYPOTHESIS
\nˈat͡ʃəɹə͡lɹˈe͡ɪt ha͡ɪpˈɒθəsˌɪs], \nˈatʃəɹəlɹˈeɪt haɪpˈɒθəsˌɪs], \n_ˈa_tʃ_ə_ɹ_əl_ɹ_ˈeɪ_t h_aɪ_p_ˈɒ_θ_ə_s_ˌɪ_s]\
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Labor market and its structure theorized. The theory states that free labor always includes some unemployment in the market. Hypothesis originator, Milton Friedman, describes the unemployment baseline rate as unavoidable. Ignoring any cyclical unemployment rates, this is frictional and structural unemployment rates totaled.
By Henry Campbell Black
Nearby Words
- natural work team
- natural year
- natural-born
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- NATURAL-RATE HYPOTHESIS
- naturaleza
- naturalisation
- naturalise
- naturalised
- naturalism