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.

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Why the boom & bust creates unemployment

Jerry O’Driscoll explains how a competent understanding of the phenomena requires Hayekian thinking.

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Hayek on Keynes, Britain, wage rates & deflation during the British Depression of the 20s & 30s

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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 | 1 Comment