Microeconomics says that wages demanded and supplied will adjust to reach full employment.
Next time you meet Mr. Microeconomics, tell him he’s an idiot. Fortunately for me, I don’t know anyone so stupid.
Everyone is employable! Everyone will be employed! What grown up with an intact brain thinks that?
Full employment meaning that everyone that desires to work at the wages that they would be offered to do so, would indeed be working.
“Would be offered” in what counterfactual universe?
Without counterfactuals: assume Mr X is willing to do job Y at wage Z, and has as much skills as Mr A. Then if Mr A has job Y at wages above Z, and Mr X is unemployed, we do not have full employment.
Next time you meet Mr. Microeconomics, tell him he’s an idiot. Fortunately for me, I don’t know anyone so stupid. Everyone is employable! Everyone will be employed! What grown up with an intact brain thinks that?
I expect “Mr. Microeconomics” to glance behind him at “Mr. Straw-man Microeconomics”, to whom I would addressing my gratuitous insult.
Next time you meet Mr. Microeconomics, tell him he’s an idiot. Fortunately for me, I don’t know anyone so stupid.
Everyone is employable! Everyone will be employed! What grown up with an intact brain thinks that?
Full employment meaning that everyone that desires to work at the wages that they would be offered to do so, would indeed be working.
“Would be offered” in what counterfactual universe?
Without counterfactuals: assume Mr X is willing to do job Y at wage Z, and has as much skills as Mr A. Then if Mr A has job Y at wages above Z, and Mr X is unemployed, we do not have full employment.
I expect “Mr. Microeconomics” to glance behind him at “Mr. Straw-man Microeconomics”, to whom I would addressing my gratuitous insult.