Category Archives: unemployment
UNEMPLOYMENT — THE HAYEKIAN VISION VS THE FRIEDMAN VISION
Arnold Kling comes up with The Quote of the Day: People are not employed by “the Walrasian system of general equilibrium equations.” They are employed by entrepreneurs.
Posted in equilibrium, unemployment, Walras
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Why the boom & bust creates unemployment
Jerry O’Driscoll explains how a competent understanding of the phenomena requires Hayekian thinking.
Posted in Boom & Bust, unemployment
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How Hoover’s Wage & Cartelisation Policies Caused the Great Depression
UCLA economist Lee Ohania points out that in late 1929 and early 1930 a Depression-level industrial employment crash occurred before any serious deflation or banking panic hit the U.S. economy: Economists cite monetary contraction (Friedman and Schwartz, 1963) and banking … Continue reading
Posted in Boom & Bust, Great Depression, unemployment
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