What does the inflation–unemployment relationship tell you about achieving such goals?

1) Some people worry that increases in the capital stock will bring about an economy in which everything is done by machines, with no jobs left for people. What does the model of economic growth presented in this chapter predict?

2) The Humphrey–Hawkins Act of 1978 required that the federal government maintain an unemployment rate of 4% and hold the inflation rate to less than 3%. What does the inflation–unemployment relationship tell you about achieving such goals?

3) Many economists think that we are in the very early stages of putting computer technology to work and that full incorporation of computers will cause a massive restructuring of virtually every institution of modern life. If they are right, what are the implications for unemployment? What kind of unemployment would be affected?

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