Statistics that measure labor market activity are often interpreted as measures of economic performance and social well being. This article demonstrates that such interpretations are not justified in the absence of information concerning the economic circumstances that determine individual labor market choices.Unemployment ; Labor market

David Andolfatto

Paul Gomme

English

Research Papers in Economics

and the Allocation of Time over

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Unemployment and economic welfare

http://www.clevelandfed.org/Research/review/1998/98-q3-andolfatto.pdf

Unemployment and economic welfare

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Research Papers in Economics