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Principles of Economics- Mankiw (5th) 571

Principles of Economics- Mankiw (5th) 571 - CHAPTER 26 U N...

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CHAPTER 26 UNEMPLOYMENT AND ITS NATURAL RATE 589 disadvantaged groups escape poverty. Advocates of these programs believe that they make the economy operate more efficiently by keeping the labor force more fully employed, and that they reduce the inequities inherent in a constantly chang- ing market economy. Critics of these programs question whether the government should get in- volved with the process of job search. They argue that it is better to let the private market match workers and jobs. In fact, most job search in our economy takes place without intervention by the government. Newspaper ads, job newsletters, college placement offices, headhunters, and word of mouth all help spread infor- mation about job openings and job candidates. Similarly, much worker education is done privately, either through schools or through on-the-job training. These crit- ics contend that the government is no better—and most likely worse—at dissemi-
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