Jobless Not Clueless

Are many of the unemployed stupidly and stubbornly holding out for a higher wage than they can get while at the same time they can be reemployed by a mere bit of money illusion? Tyler Cowen says no. “I sooner think of these unemployed individuals as having gone down economic corridors which are no longer promising and not facing any easy adjustment to set things right again. Furthermore I consider that portrait of their troubles to be more consistent with the general tenor of liberal, left-wing, and progressive thought, not to mention plain common sense.”