pre-Keynesian

[Lawrence]

From: "Doug Henwood" <dhenwood at panix.com>
> >>  "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."
> >
> >But I thought we don't count those people as unemployed either. Do we?
>
> They're quicker to drop 'em out of the labor market in the Japanese
> stats. The broadest U.S. measure of unemployment, U-6 (which includes
> discouraged workers and unwilling part-timers), was 8.1% at last
> count.

The implication, as I read it, is that both nations have U-6 levels of
unemployment that are about the same - in the low to mid 8's. That is a
remarkable performance for Japan, given that its just been through a 10 year
slump, and we've just been through a 5 year boom.