Keynesian

Labor-market failures will not be demand-side but structural, not amenable to any straightforward and easily implemented cure

J. Bradford DeLong At first, the long-term unemployed in the Great Depression searched eagerly and diligently for alternative sources of work. But, after six months or so passed without successful reemployment, they tended to become discouraged and distraught. After 12 months of continuous unemployment, the typical unemployed worker still searched for a job, but in … Continue reading →