Quote by Paul A. Samuelson, (interview),
I think, without question, that unemployment of more than 6 per cent is something to be concerned about. You don't push the panic button, but you don't relax and enjoy it either... I myself don't believe in a numbers game in which you give a maximum tolerable percentage, because I think, truly, it does vary with the times... I would hesitate to specify the figure today, but I will say this: it would be, in my mind, less than a 4 per cent figure - that is, for the period ahead. I would not, realistically, think we could hope for a 2 per cent figure in the near future, as certain European countries have been able to do. But I do think that if we are pretty zealous in this matter and insist upon getting low figures - say, 3.5 per cent - then our very success in accomplishing that may lead to a new epoch just beyond when we could hope to go below 3 per cent...
Summary
This quote emphasizes the significance of unemployment rates and the need for concern when it exceeds 6%. The speaker believes that while it may not warrant extreme panic, it is also not a situation that can be enjoyed. They express skepticism towards setting a fixed acceptable percentage, suggesting that what is considered tolerable varies depending on the times. However, they personally believe that unemployment should ideally be below 4%, acknowledging the challenges of achieving rates as low as 2% seen in some European countries. The quote suggests that successful efforts in reducing unemployment may open up new possibilities for even lower percentages in the future.
Topics
Economics
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