What's More Dangerous To Economic Health? Unemployment Or Inflation?

Does unemployment hurt society more than modest inflation? "Unemployment is much more damaging to society than moderate levels of inflation, making central bankers’ disproportionate focus on the level of consumer price growth misguided, a former Bank of England rate-setter now at Dartmouth College writes in a new paper. Along with three co-authors, David Blanchflower, known for his view that policy makers should make aggressive efforts to bring down unemployment, tries an unusual statistical tack for macroeconomist — he tries to break down happiness surveys of European individuals to see just how deeply, and differently, they are affected by unemployment and inflation, respectively." Pedro Nicolaci da Costa in The Wall Street Journal