Category Archives: History

Conditional Unemployment

“Assume that a worker offers his labors for a certain price and there are no takers. If he then refuses to lower his price, he can hardly be said to be involuntarily unemployed. He is conditionally unemployed, the condition being imposed by himself. Only if his price is a government-imposed one, such as a legislated minimum wage, can he be said to be involuntarily unepmloyed.”

excerpt from Paying Men NOT to Work – Oscar W. Cooley

Most economic wisdom is neither new nor inaccessible. More people should study it.

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