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is a category in the economy which if artificially lowered with tax-and-spend policies, would drive up inflation. Unemployment is unfortunate, but inflation is fatal.999.

Friedman argued that liberal tax-and-spend policies to boost consumer demand were a terrible mistake. The result of liberal policies, he explained in his Nobel lecture in 1976, was simply 'larger and larger doeses of inflation to keep down the level of unemployment.' Instead, the government ought to accept a 'natural' level of joblessness and concentrate on regulating the money supply to keep inflation low. If inflation got out of control, as in the 1970s, the only remedy was to slash the money supply, irrespective of the human cost in failing business and disappearing jobs. For Friedman, unemployment was unfortunate, but inflation was fatal.'

is a cyclical phenomenon, a symptom of unhealthy entrepreneurial speculation during upswings. While nothing can be done in the downswings, credit expansion should be limited in market upswings.

for Marshall unemployment was a phenomenon of credit expansion and contraction. Some accidental factor a good harvest, the discovery of new colonial territory

is a problem because we make it costly for employers to employ people... we subsidize people not to go to work we have a system that increasingly taxes work and subsidizes nonwork.

The long-range solution to high unemployment is to increase the incentive for ordinary people to save, invest, work, and employ others. We make it costly for employers to employ people... we subsidize people not to go to work We have a system that increasingly taxes work and subsidizes nonwork. Milton Friedman

is a problem of wages rather than of work, in that what is lacking is not work, but wages. It is ultimately voluntary in the sense that it results from workers who are 'not willing to work at the wages they could get in the labor market'.

the point was not that the 'unemployed' could not find work, but that they were not willing to work at the wages they could get in the labor market for the particular work they were able and willing to perform'

is a result of the unemployed not wanting to work.

If there is unemployment in America, it is because the unemployed do not want to work. Henry Ford

is a side effect of the cure for inflation.

[U]nemployment is . . . a side effect of the cure for inflation. Milton Friedman

Keynes was given the credit of having demolished the theories of 19th century economist who had taught that, if left to its own devices, capitalism would always and of its own accord tend towards full employment.

is essential to capitalism, serving as the low end ensuring that wages gravitate down to subsistence levels (the point where profit, by contrast, is maximized).

Marx in those years was his treatment of unemployment, for he showed how unemployment arises and why it is necessary to capitalism.

unemployment, n.All

unemployment