Along with Edmund Phelps, he argued that real wages will adjust to provide an equilibrium between the supply and demand for labor, leading to a "natural rate" of unemployment.
Along with Edmund Phelps, he argued that real wages will adjust to provide an equilibrium between the supply and demand for labor, leading to a "natural rate" of unemployment. He coined the phrase "Miracle of Chile" in reference to the economic policies of Augusto Pinochet, whom he notoriously advised. He also wrote books based on his PBS show and on the role of capitalism in society, the latter being Capitalism and Freedom. For 10 points, name this Chicago school economist, an advocate of monetarism.
Along with Edmund Phelps, he argued that real wages will adjust to provide an equilibrium between the supply and demand for labor, leading to a "natural rate" of unemployment.
Milton {Friedman}