Many economists argue as follows: Because there is no long-run tradeoff between unemployment and inflation, there is

Question:

Many economists argue as follows: "Because there is no long-run tradeoff between unemployment and inflation, there is no point in trying to shave the peaks and troughs from the business cycle." This view suggests that we should not care whether the economy is stable or fluctuating widely as long as the average level of unemployment is the same. Discuss critically.