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The Low U.S. Unemployment Rate Should Not Be Celebrated

08.7.17

by–Haiyang Zhang

In 1867, Karl Marx famously declared, “It is the absolute interest of every capitalist to press a given quantity of labor out of a smaller, rather than a greater number of laborers, if the cost is about the same.” Since then, the phenomenon of the “reserve army of labor,” or the existence of structural unemployment […]

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