The natural rate of unemployment hypothesis was advocated by

by

The natural rate of unemployment hypothesis was advocated by

Milton Friedman
A. W. Phillips
J. M. Keynes
R. G. Lipsey
This question was previously asked in
UPSC CDS-2 – 2018
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The correct answer is Milton Friedman.
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.
This hypothesis challenged the conventional view derived from the simple Phillips curve which suggested a stable trade-off between inflation and unemployment. Friedman argued that attempts to keep unemployment below its natural rate through expansionary policies would only lead to accelerating inflation without a permanent reduction in unemployment.

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