can someone comment on this please

Based off of this statement I believe that Jim thinks that the economy is self regulating. He believes that the government does not need to always step in and try to fix things when the economy "gets a cold" or starts to struggle. With time our economy will heal itself without the help of a government. The economy will work itself out and move itself in the right direction it needs so it can continue to operate. If the economy ends up in either a recessionary gap or an inflationary gap it will eventually move itself out of it without the need of a government due to it being self regulating. Eventually the economy will end up in long-run equilibrium at the natural unemployment rate and natural real GDP. I believe that it is important to a point that the government realizes that the economy is self regulating. By realizing this it can prevent the government from trying to do too much and prevent it from hurting the economy. Due to the belief that the economy is self regulating wage rates and prices are also flexible, so when the economy "gets a cold" it will eventually work itself towards long run equilibrium without the need for help from the government