On Oct 6, 2008, at 3:58 PM, Jim Devine wrote:
Laurent GUERBY wrote:
Unemployment (as defined by economists) is not observable.
so it doesn't exist?
it may not be truly observable...
The trick phrase is "as defined by economists." A definition that
makes the definiendum "truly unobservable" is useless except for
ideological purposes. Unemployment as it really exists is perfectly
observable. It is the difference between two observed and reported
magnitudes: unemployment is the difference between the number of
people in that proportion of the age-cohort represented in the labor
force (at the participation rate typical of business-cycle peaks) and
the number of people actually working for wages or self-employed.
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to
be called Zeus."
Herakleitos of Ephesos
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