The Best Way to Reduce Unemployment

John Taylor, Wall Street JournalIt's been three years since the financial crisis flared up and the recession began. Yet the unemployment rate is still over 9%"”double what it was before the recession"”and it's been stuck above 9% for 20 consecutive months. Why the extraordinarily high and prolonged unemployment? My research shows that discretionary government interventions"”deviations from sound economic principles and policies"”have been largely responsible. Many government interventions occurred before the panic in the fall of 2008, but...

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