Memo To Larry Summers: Forget That Keynesian Ether Called Aggregate Demand; Its Weak Wages, Stupid

In anticipation of tomorrow’s jobs frenzy, with all attention fixed to a statistic that was never meant to convey meaning in the current predicament (the unemployment rate is not supposed to be driven by the denominator), a review of context is in order.
To access this post, you must purchase Monthly Subscription, Quarterly Subscription or Annual Subscription.