…a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are…

…year as well for these negative GDP outcomes, even as employment and income held up. But in fact this item is not precisely what its label says it is.  It…

…output’ fallacy. You must always have a theory of how output is determined and you must never say, ‘Higher output per worker reduces employment, because it reduces the employment needed…