Instead of an invisible hand pushing the economy toward full employment in some unspecified long run, we have the visible hand of the Fed pushing us toward its estimate of the noninflationary unemployment rate over the course of two or three years.
People are pleasantly surprised by the zero rate of unemployment that we are enjoying.
mnli hypothesis: People are pleasantly surprised by the zero rate of unemployment that we are enjoying. premise: Instead of an invisible hand pushing the economy toward full employment in some unspecified long run, we have the visible hand of the Fed pushing us toward its estimate of the noninflationary unemployment rate over the course of two or three years.