Tag Archives: unemployment

Why Unemployment Cannot Be Accurately Measured

Governments measure unemployment mainly by three methods: surveys, noting those receiving unemployment payments, and noting the number of employed people via tax filings. From this data, there are various ways of estimating the number of unemployed people in a given … Continue reading

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The Fed’s Confusion Over the “Natural Rate” of Unemployment and Inflation by Frank Shostak

‘In May, the US unemployment rate stood at 5.5 percent against the rate of 5.3 percent for the “natural unemployment,” also known as the Non-Accelerating Inflation Rate of Unemployment (NAIRU). According to the popular view, once the actual unemployment rate … Continue reading

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Employment Does Not Drive Economic Growth by Frank Shostak

Shostak reminds us that it is increasing the number of productive jobs, not employment per se, that is vital for economic growth. ‘The main driver of economic growth is an expanding pool of real wealth, gained through deferred consumption and … Continue reading

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Solution to Unemployment Found: Kill the Unemployed by Ryan McMaken

McMaken reminds us of the ugly side of progressivism: eugenics. ‘That was the solution proffered by eugenicist progressives during the 1920s and 1930s. At least, that was their preferred option. Frank Taussig admitted that we “have not reached the stage … Continue reading

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Preventing Low-Skilled Workers from Competing: a $15 Minimum Wage by George Reisman

In “Preventing Low-Skilled Workers from Competing: a $15 Minimum Wage“, George Reisman emphasizes an often overlooked point about the detrimental effects of minimum wage laws. ‘This is the fact that a low wage constitutes a competitive advantage for less capable … Continue reading

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From Zero Hedge: Whopping 932,000 Americans Drop Out Of Labor Force In October; Participation Rate Drops To Fresh 35 Year Low

‘At this pace the people out of the labor force will surpass the working Americans in about 4 years.‘ The entire article can be read here. What happens to a welfare state when there are not enough working people paying … Continue reading

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Hans-Hermann Hoppe on Unemployment

Hoppe wrote a chapter titled “The Misesian Case against Keynes” in Dissent on Keynes: A Critical Appraisal of Keynesian Economics, edited by Mark Skousen. In the first part of this chapter, Hoppe provides a wonderful explanation of the nature of … Continue reading

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