But it's on these questions of slack, full employment, and labor force growth where Friedman departs most clearly from the economic consensus.
Consider this chart, laying out Friedman's view of how Bernienomics will impact the employment rate, or the share of the adult population that has a job:
https://cdn2.vox-cdn.com/thumbor/6y...221/Screen Shot 2016-02-17 at 12.47.10 PM.png
Reasonable people can (and will) disagree about how Sanders's plans would impact the labor market. But virtually every expert I've ever discussed this with believes that one reason the employment rate has declined since 1999 is that old people are a larger share of the population today than they were 17 years ago. The main reason the CBO expects the employment rate to fall in the future is that this aging process is set to continue. This means the "full employment" level of employment is simply lower than it was in the past.
Friedman, by contrast, appears to believe that the full employment level is right where it was in the waning days of the Clinton administration, and that with good policy we can get back there.
Friedman does not, however, discuss the demographic change issue at all in his paper. Instead, in a footnote he argues that "women’s employment will be encouraged by the Paycheck Fairness Act, which will raise the wages of women, encouraging more to seek paid employment." No empirical evidence is offered that such a modest piece of legislation will have an impact this large, nor is much made of the fact that a large share of the growth benefit of the Sanders agenda is being attributed to this consensus Democratic policy, rather than to his more unusual positions.