The natural rate of unemployment hypothesis was advocated by

by

The natural rate of unemployment hypothesis was advocated by

[amp_mcq option1=”Milton Friedman” option2=”A. W. Phillips” option3=”J. M. Keynes” option4=”R. G. Lipsey” correct=”option1″]

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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