That's okay, as long that effect is roughly equal in every period of increasing unemployment. This and many other factors make it meaningless to treat unemployment additively, e.g. to say that 8% unemployment is "twice as bad" as 4%, but it doesn't diminish the number's comparative value, telling us whether we're better or worse off than before.
Comments
That's okay, as long that effect is roughly equal in every period of increasing unemployment. This and many other factors make it meaningless to treat unemployment additively, e.g. to say that 8% unemployment is "twice as bad" as 4%, but it doesn't diminish the number's comparative value, telling us whether we're better or worse off than before.