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Why Stimulus Does Not Stimulate - LewRockwell

Why Stimulus Does Not Stimulate - LewRockwell
lewrockwell.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lewrockwell.com Daily Mail and Mail on Sunday newspapers.

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Why Keynes Was Wrong About Unemployment

Why Keynes Was Wrong about Unemployment
Large-scale unemployment is another name for a surplus in the labor market. Equilibrium is a state which markets will naturally move toward as buyers and sellers look for mutually advantageous exchanges. Firms can always get some value from additional labor, even under pessimistic forecasts of sale prices and quantities. Workers earning zero wages can improve their situation by accepting a job—even if they do not accept the first offer. Therefore, a labor market in surplus will absorb unemployed labor at a lower wage. When a market is in surplus, the direction the price must go toward equilibrium is down.

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