Keynes introduced the concept of there being a natural rate of unemployment in his 1936 book, The General Theory of Employment, Interest and Money.

Question

Quizplus · Accepted Answer

The concept of the natural rate of unemployment was introduced by Milton Friedman in his 1968 presidential address to the American Economic Association, not by Keynes. Keynes focused on the relationship between unemployment and economic demand.

Keynes Introduced the Concept of There Being a Natural Rate