Incorrect that the natural rate does not feature involuntary unemployment

The concluding section of the article states:

Empirically, the existence and persistence of involuntary unemployment is the main difference between the NAIRU and the Natural Rate of Unemployment - at the Natural Rate of Unemployment, all unemployment must be voluntary, whereas at the NAIRU equilibrium, involuntary unemployment can persist.

This is incorrect. The Natural Rate of Unemployment is an equilibrium concept for long-run analysis. Formally, it is the rate of unemployment prevailing in the situation of flexible prices and wages. This, however, can very well be compatible with an inefficient outcome due to structural frictions in the labour market. I.e., situations where involuntary unemployment prevails. Will someone please argue against this? Otherwise I will suggest an editing --HJ 22:10, 30 June 2006 (UTC)[reply]

Sort it out! The page on the NRU states:'This is the level the economy reaches in the absence of various frictions'.If this is the case then unemployment is voluntary.—Preceding unsigned comment added by 172.143.167.140 (talk • contribs) April 6, 2007

Done! (that is, it is 'sorted out').--HJensen, talk 08:45, 7 April 2007 (UTC)[reply]

Who is Bob Rowthorn

This economist is given prominent place in article. There is no particular references to his work, and he does not seem to be a widely recognized economist. Did he really develop the NAIRU? --HJ 22:14, 30 June 2006 (UTC)[reply]

He is Professor of Economics at the University of Cambridge and is a very widely recognised economist. The reference required is Rowthorn, R. 1977. Conflict, inflation and money, Cambridge Journal of Economics, vol. 1, no. 3, 215–39 —Preceding unsigned comment added by 131.111.225.68 (Talk) (talk • contribs) April 5, 2007

Thanks! Never heard of him, but he hasn't heard of me either. I think this referenece should then go into the article. I will not do it, as I haven't read it. Cheers.--HJensen, talk 17:26, 5 April 2007 (UTC)[reply]

Article title

It appears highly inappropriate to have an article on the Natural Rate of Unemployment labelled as one describing the difference between two concepts--HJ 22:14, 30 June 2006 (UTC)[reply]

Yes, especially since searching for "Natural Rate of Unemployment" redirects straight to NAIRU--B0mbrman 18:00, 31 July 2006 (UTC)[reply]

I have now started Natural rate of unemployment as an independent article.--HJensen, talk 17:45, 5 April 2007 (UTC)[reply]

I have added a Merge tag. Biscuittin (talk) 21:05, 15 February 2010 (UTC)[reply]

Merge it already.Volunteer Marek (talk) 04:05, 25 July 2011 (UTC)[reply]