Download e-book for kindle: Austrian Theory and Economic Organization: Reaching Beyond by Guinevere Liberty Nell (auth.)

By Guinevere Liberty Nell (auth.)

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As a result, another bias that attaches itself to casual labor surplus assertions is that of labor market deregulation. Identifying regulations that interfere with labor markets becomes an essential component of the response 46 Daniel Kuehn to unemployment. In the case of the Great Depression, this search for regulatory culprits led researchers to the New Deal (Higgs 1997; Horwitz 2011), the minimum wage (Mulligan 2012), and the Affordable Care Act (Mulligan 2013). One of the classic alleged regulatory culprits associated with unemployment is the minimum wage.

2001. ” Economics Letterss 70(3): 387–395. Beveridge, William Henry. 1909. Unemployment: A Problem of Industry. London: Longmans, Green, and Company. ———. 1942. Social Insurance and Allied Services. Vol. 6404. New York: Macmillan. ———. [1944] 1945. Full Employment in a Free Society. W. Norton and Company, Inc. Bewley, Truman F. 1999. Why Wages Don’t Fall during a Recession. Cambridge, MA: Harvard University Press. , and William Luther. 2012.

Hence, in stable conditions everyone will actually be employed. The implication is that such unemployment as exists at any time is due wholly to the fact that changes in demand conditions are continually taking place and that frictional resistances prevent the appropriate wage adjustments from being made instantaneously. (1933: 252) Unemployment could result from demand shocks, but only because labor market frictions generated short-run disequilibria and labor surpluses. ” Of course he did not mean by this that every member of the population would be employed, from small children to retirees.

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