Keynesianism and the Natural Rate of Unemployment: A Problem in Pedagogy

Abstract

How does one most effectively respond to the standard textbook vertical Phillips curve, expositions of macroeconomics and foster awareness of an alternative, broadly post Keynesian, approach? Given the plausible manner in which the standard case is presented in macro texts (and the implausible assumptions commonly ascribed to Keynesianism') this can be a difficult task. The following briefly outlines the main possible lines of counterargument within the Keynesian tradition. It is not intended as a comprehensive survey article; it presents one Keynesian's thoughts on the matter, in the hope of stimulating discussion among others. There are two broad Keynesian responses to the natural rate of unemployment (NRU) position now served up as standard fare in the intermediate macro texts:

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