The NAIRU (Non Accelerating Inflation Rate of Unemployment) is one those other crazy ‘targets’ that the policymakers try to meet. In other words, keep a good proportion of people unemployed for fear of inflation. This means having an excess supply of labour (unemployed people) by reducing demand, by guess what, dialing up or down inflation by tinkering with the money supply. We all know how soul-destroying it is for many people to be unemployed. It’s amazing to think that a 5% unemployment rate is ‘ideal’ to stabilize inflation. What a human cost!