Their specialty that garnered the world's most prestigious award? "[H]ow unemployment, job vacancies and wages are affected by regulation and policy."
From the Academy itself: "One conclusion is that more generous unemployment benefits give rise to higher unemployment and longer search times."
It's official, or officially recognized by The Royal Swedish Academy of Sciences, at least: Extending unemployment benefits extends unemployment.
In his essay, Keynesian Myths, an essay in Making Economic Sense
, Murray Rothbard gives us this to consider:"Government interference, in the form of minimum wage laws and compulsory unionism, creates compulsory unemployment, while welfare payments and unemployment 'insurance' subsidize unemployment and make sure that it will be permanently high. We can have as much unemployment as we pay for." [Emphasis added.]What are the chances our Nobel laureate president will take note of The Academy's conclusion.
