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Tag Archives: Unemployment
Further Notes on Capital Theory and Unemployment
Austrian capital theory does explain why the consumer-good industry is hit, along with the capital-good industry, during recessionary periods. Furthermore, Austrian business cycle theory is not real business cycle theory – there is a different in causation, while the latter tends to lend itself to the pitfalls of macroeconomic aggregation. Continue reading
Posted in Theory
Tagged Austrian, business, Capital, cycle, Krugman, Theory, Unemployment
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Defining Employment
Is involuntary unemployment possible? Debate between Misesians. Continue reading
Affording the Unemployed
“Affording the Unemployed”, my latest article at Mises Daily. Also, some thoughts on the insider-outsider theory of unemployment. Continue reading
Posted in Miscellaneous, Theory
Tagged Employment, insider, outsider, structural, Theory, Unemployment
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Aggregate Demand vs Malinvestment
Some more thoughts on unemployment, this time on the differences between consumption and investment. Continue reading
Buttressing Employment May Have Long-Run Consequences
Tyler Cowen argues that artificially sustaining those employed in otherwise unprofitable sectors of the economy is easier than finding them new jobs. While superficially true, this ignores the greater argument that by doing so one is slowing the necessary reallocation of labor and the necessary extension of the division of labor. The focus should be on productivity, not unemployment. Continue reading
125,000 Jobs Lost
One of the obstacles to employment is the lack of strong, sustained growth. It is entrepreneurship and investment which leads to employment, not employment which leads to entrepreneurship and investment. Continue reading
DeLong on Public Expenditure and Hayek
Brad DeLong writes on freshwater and Austrian macro, baffled at why he still needs to explain why public spending is pertinent in current economic conditions. He never paused to think that maybe his own case is unconvincing. Continue reading
Posted in Theory
Tagged Austrian, Brad, DeLong, Government, Hayek, Samuelson, spending, Unemployment
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Structural Unemployment and Business Cycles
High natural unemployment is a product of poor labor policy, and not of markets or the length of recessions. Continue reading
DeLong on Chronic Unemployment
Chronic unemployment has little to do with business cycle theory. It has more to do with labor policy and wages. Continue reading