UNEMPLOYMENT AND THE MACRO ECONOMY The overall

The overall macro economy is most fundamentally driven by demand, and constrained by supply. If wishes were horses, poor men would ride, and we might all live in villas, with Gulfstream jets to whisk us off for the weekend. Our ability to fulfill our potentially unlimited demand for goods and services is constrained by the limited supply of these things. We go to work to produce the supply, and our paycheck determines how much of that supply we can afford to consume.

When the macro economy is described in this way, it might seem that unemployment is inherently contradictory. We all want more goods and services, which might imply that everyone could work to provide them, limited only by the point at which our demand for leisure exceeds our

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Category: Economics - U