pre-Keynesian

[Christian Gregory]

> Sure, but at least the US' official numbers in the 70's reflect that. The
> point is that, for the past 10 years, for example, while the Japanese
> economy has been in the worst depression since the 30's, their
unemployment
> rate has barely edged above what, 5.5%, according to official numbers?
> Unless there's some serious  fiddling with the numbers, a restricted
> definition of the labor force, or a very wide definition of "employment,"
> that hardly seems possible. The "informality" of the networks allows the
> official labor force to claim credit for productivity increases that may
> have a lot to do with uncounted work.
>
> Christian

"This week, Japan announced that unemployment hit 5 percent, crossing an
important psychological threshold and a high not seen here in over half a
century.

"Real unemployment is believed to be around 8.5 percent, as government
statisticians do not count people who give up looking for work or part time
workers, like homemakers, who lose their jobs."

NYT, 1 Sept. 2001, B3.

Christian