Anyway, by some mysterious process, we've arrived at a recession
level of unemployment that's lower than the expansion level of five
years ago. Pretty neat stuff. Which only leaves us one question:
Where the hell's my job
McArdle on unemployment
Rob and I were
talking about unemployment the other day. I had remarked that economists
(or business leaders, or both) had said that there is a minimum amount of
unemployment that is needed to keep the economy working. At the time, we
both theorized that it was the level required to keep those employed in line
(the Cynical/Conspriatorial Theory).
The article above (mediumish length, but worth it) goes into detail about
how this minimum level of unemployment to sustain our economy comes (or
came) about. It's less a conspriacy and more a way companies find the
maximum profit given the rules of the game.
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