Sunday, May 13, 2012
Robert Wenzel Delivered at the New York Federal Reserve Bank
In present day America, the government focus has changed a bit. In the new focus, the government attempts much more to prop up the unemployed by extended payments for not working. Is it really a surprise that unemployment is so high when you pay people not to work.? The 2010 Nobel Prize was awarded to economists for their studies which showed that, and I quote from the Nobel press release announcing the award:
One conclusion is that more generous unemployment benefits give rise to higher unemployment and longer search times.