There is no such thing as unemployment?

So an Austrian plumber I know sometimes suggests that unemployment is typically (or always?) voluntary.  People lack jobs because they choose to remain idle rather than work for the going, market clearing rate.  He points out that at the correct wage he has quite a lot of fence post holes he would hire someone to dig.  Be warned, he pays by the hole not by the hour.

This Zero Hedge post observes that 1 million jobless recently applied for 50 thousand fast food jobs.

Sounds pretty close to involuntary unemployment to me.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s