The Friedman natural rate theory implies that there is a tradeoff between inflation and unemployment in

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The Friedman natural rate theory suggests that there is a tradeoff between inflation and unemployment only in the short run, but not in the long run. In the long run, the economy will adjust to the natural rate of unemployment, leading to a vertical long-run Phillips curve, which means that any attempts to reduce unemployment in the long run will only result in higher inflation rates without any improvement in unemployment levels.

The Friedman Natural Rate Theory Implies That There Is a Tradeoff