Microeconomics Question from Walter E. Williams:Edit
"A substantial number of relatively unskilled persons reported that they cannot find work. At the same time there are many unfilled jobs for relatively skilled people. Apparently, the problem is that there are more unskilled people than unskilled jobs." What is wrong with that reasoning?
The number of unskilled jobs is not a finite number, due to the infinite nature of human wants. If there are unskilled people out of work, it suggests:
- 1) there are minimum wage laws preventing employers from offering additional jobs,
- 2) the unemployed value leisure at a higher rate than the wage being offered for work,
- 3) they are employed in job search, attempting to score the best possible job.
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