Laurent GUERBY wrote: > Unemployment (as defined by economists) is not observable.
so it doesn't exist? it may not be truly observable, but we can get a pretty good handle on the amount of unemployment in an economy, especially if we're trying to understand its changes over time. That is, the current official unemployment rate of 6+ percent is bogus (in many ways that lefties point to), but when the U rate rises (as of late) that says something about the real situation in labor-power markets. This can be seen in the fact that most if not all of the alternative measures of unemployment are rising. -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
