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.

Why the boom & bust creates unemployment

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

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

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 panics (Bernanke, 1983) as important determinants of the Depression, but industry was significantly depressed before . . . → Read More: How Hoover’s Wage & Cartelisation Policies Caused the Great Depression

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Random Quote

The whole of economic history could be rewritten in terms of the gradual suppression of the primitive instincts by what we very mistakenly call “artificial” rules. — F. A. Hayek

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