Paul Ormerod - Unemployment Quotes

3 Sourced Quotes

View all Paul Ormerod Quotes

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.

Paul Ormerod

In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.

Paul Ormerod

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

Paul Ormerod