Аннотация:EVERY GOOD theoretical or econometric study must be based on a reasonably accurate empirical foundation.If the basic magnitudes of the subject are misperceived, the theoretical model or econometric specification will lead the research astray.In recent years, research on the central macroeconomic questions of unemployment and wage inflation has been advanced by the empirical studies of Hall, Holt, Parnes, Perry, Wachter, and others.Meanwhile, the U.S. Bureau of Labor Statistics has benefited the profession by expanding the data base with detailed monthly summaries of household and establishment data and through the provision of complete data from the Current Population Survey.All of this microeconomic evidence has greatly enriched understanding of the nature of unemployment.The traditional view, based on the experience of the depression, pictured the unemployed as an inactive pool of job losers who had to wait for a general business upturn before they could find new jobs.Modern research has shown that this picture is distorted.The majority of the unemployed do not become unemployed by losing their previous jobs; they quit voluntarily or are new entrants or reentrants into Note: I am grateful to the
