The natural rate of unemployment hypothesis was prominently advocated by Milton Friedman and Edmund Phelps in the late 1960s. It posits that there is a specific level of unemployment consistent with a stable rate of inflation, influenced by structural and frictional factors in the labor market.
The natural rate of unemployment hypothesis was advocated by
Asked in UPSC CDS 2 2018 · Topic: Nature of Indian Economy (Developing Economy Characteristics)
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