In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.
Because most people are not sufficiently employed in themselves, they run about loose, hungering for employment, and satisfy themselves in various supererogatory occupations. The easiest of these occupations, which have all to do with making things already made, is the making of people: it is called the art of friendship.
Economics is extremely useful as a form of employment for economists.
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