My NAIRU, Right or Wrong… (Prelude)

I think that Keynesian economics can do better than the NAIRU theory, but I also think that, in order to move forward, we need to be able to explain the value of the existing theory. Although I’ve maligned it in the past, today my duty as a Keynesian calls me to defend the NAIRU. Well, maybe I’m not the best soldier, but…how do you load this damn thing, anyway? (We have a lot of friendly fire casualties; it may not always be clear which side I’m on.)

So far we have only a couple of minor battles:

The first battle

The second battle (Read and then click on "Comments")

Also, an earlier skirmish – with a different, better trained but less focused, rebel contingent, previously observed preparing for battle