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They were also disregarding the real true unemployment rate... even in January of 2016, among African Americans 16%... were unemployed... so this is … - John Komlos
" "They were also disregarding the real true unemployment rate... even in January of 2016, among African Americans 16%... were unemployed... so this is not full employment... and by education, among African Americans [those who did not finish high school] 32% were unemployed. Now you know why the George Floyds get into trouble with the law. They are not able to find their place in the legal labor market. ...So this is what Marty Feldstein and Donald Trump think of [as] a good economy. Not in my view!
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About John Komlos
(born 28 December 1944) is an American economic historian of Hungarian descent and former holder of the chair of economic history at the University of Munich.
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Additional quotes by John Komlos
George Akerlof, Kenneth Arrow, Daniel Kahneman, Paul Krugman, Thomas Schelling, Herbert Simon, Robert Shiller, Joseph Stiglitz, , and Oliver Williamson... these Nobel Prize winning economists... are usually excluded from mainstream Econ 101 textbooks or relegated to obscure footnotes. ...[I]ntroductory textbooks hype a free-market utopia ...Hence ...do not help to understand the essentials of the real existing market economies... Rather, they present a caricature at a level of abstraction that creates a fantasy world and distorts the student's vision... [A] stereotype that markets are efficient... automatically leading to a blissful life, and they continue to sing the praises... keeping any demurrals muted.
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