Economists Milton Friedman and Edmund Phelps argue that there is a natural rate of unemployment determined by

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According to the natural rate of unemployment theory, there is a certain level of unemployment that will always exist in an economy due to factors such as job search and matching, structural changes in the labor market, and frictional unemployment. This natural rate of unemployment is largely determined by how long it takes workers to find new jobs, which is reflected in the rate at which job vacancies are filled. Friedman and Phelps argued that policymakers who try to push unemployment below this natural rate through expansionary monetary or fiscal policy will only cause inflation in the long run.

Economists Milton Friedman and Edmund Phelps Argue That There Is