And Friedman certainly never bought into the idea that mass unemployment represents a voluntary reduction in work effort or the idea that recessions are actually good for the economy. Yet the current generation of freshwater economists has been making both arguments. Thus Chicago’s Casey Mulligan suggests that unemployment is so high because many workers are choosing not to take jobs: “Employees face financial incentives that encourage them not to work . . . decreased employment is explained more by reductions in the supply of labor (the willingness of people to work) and less by the demand for labor (the number of workers that employers need to hire).” Mulligan has suggested, in particular, that workers are choosing to remain unemployed because that improves their odds of receiving mortgage relief. And Cochrane declares that high unemployment is actually good: “We should have a recession. People who spend their lives pounding nails in Nevada need something else to do.”
Both quoted, by the way, are from the wonderful University of Chicago. And Embar calls ME mad.
Well, it’s the Super-Monroe Doctrine: “Get off our oil, people who dress funny!” - M. Bouffant
"You're a bad captain, Zarde. People like you only learn by being touched, and hard. And you will greatly disapprove of where these men put their hands." - M. Vanderbeam.
