Mainstream economists openly endorse using unemployment to fight inflation

Evidence

Summers has no doubt that increasing unemployment rates for the well-being of the US economy is a “necessity.” “Fighting inflation will require a decrease in vacancies and an increase in unemployment. There is no magic tool,” he wrote in a July 2022 report coauthored with his colleagues Olivier Blanchard and Alex Domash. — Clara E. Mattei, Escape from Capitalism, 283

Categorization

• SHARE: The direct Summers quote naming unemployment as a stated ‘necessity’ is a sharp, shareable exhibit for anyone debating inflation policy.
• XREF: connects to: Economists have blamed workers for inflation for over a century — Clara E. Mattei, Escape from Capitalism: An Intervention, 15; Inflation is a social power contest over bargaining power, not a purely monetary event — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 526; Monetary austerity deliberately manufactures unemployment to compress wages. — Clara E. Mattei, Escape from Capitalism: An Intervention, 284

Broader Connections

• Monetary austerity deliberately manufactures unemployment to compress wages. #expands (0.85) — Clara E. Mattei, Escape from Capitalism, 284
• Economists have blamed workers for inflation for over a century #expands (0.82) — Clara E. Mattei, Escape from Capitalism, 15
• Inflation is a social power contest over bargaining power, not a purely monetary event #complicates (0.75) — Yanis Varoufakis, Technofeudalism, 526