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unemployment occurs when real wages for a job are set above the market clearing level, causing the number of job seekers to exceed the number of jobs.
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Many economists argue that unemployment increases the more the government intervenes into the economy to try to improve conditions for those without work. [Citation needed] For example, minimum wage laws raise the cost of workers with few skills to above the market equilibrium, resulting in people who wish to work at the going rate but can not as wage effect is greater than their value as workers become unemployed. [6] [7] Laws restricting layoffs made businesses less likely to hire in the first place, as hiring becomes more risky, leaving many young people unemployed and unable to find work. [7]
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However, this argument is criticized for ignoring numerous external factors and overly simplifying the relationship between wages and unemployment - in other words, that other factors may also affect unemployment [8] [9] [10] [11] [12 ] Some. Such as Murray Rothbard, [13] suggest that even social taboos can prevent wages from falling to the market clearing level.
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Out of Work: Unemployment and Government in Twentieth-Century America, economists Richard Vedder and Lowell Gallaway argue that empirical evidence of wage rates, productivity, unemployment and unemployment in the U.S. confirms the classical theory. [http://arizona-unemployment.com arizona dept of unemployment office] Their data show a strong correlation between the adjusted real wages and unemployment in the United States 1900-1990. However, they claim that their data do not take into account exogenous events.



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