Ep. 245 Cutting Larry Summers Some Slack on His Labor Market Remarks
Bob Murphy Show
00:00
What Is Unemployment?
In economics, unemployment is not the state of not having a job. You have to be actively looking for work in order to be counted as unemployed. It's because oll people are being frustrated the economy is not helping satisfy their desires. If business failure rates are low, then that means there's not enough taking on new jobs.
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