I actually wrote about Hutt (and Beveridge!) in 2014, but I didn’t need to know anything about South Africa for that. https://t.co/fvFMdvhX4R
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Beveridge! I wrote a chapter once on the problems with thinking about unemployment (a social concept) using equilibrium models. I talk a whole lot about how Beveridge and Hutt grappled with these issues in the early years of the concept of full employment:
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That’s here: https://t.co/fvFMdvhX4R LFP obviously matters for unemployment to because of the job search requirements. None of this maps well onto labor surplus concepts of unemployment (I say ditch thinking about it as labor surplus which doesn’t really