Classical Economists Argue That When the Labor Market Is in Equilibrium

question 97

Essay

Classical economists argue that when the labor market is in equilibrium, those people who are not working are those who have CHOSEN not to work at that market wage. Why might an individual choose not to work at the market wage? Do you agree with the classical view of the labor market? Why or why not?

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Definitions:

Anesthetic

A substance that causes loss of sensation or consciousness.

Novocaine

A synthetic compound derived from benzocaine, used as a local anesthetic in medical and dental procedures, known chemically as procaine.

Librium

A brand name for chlordiazepoxide, a sedative and hypnotic medication used in the treatment of anxiety disorders and withdrawal symptoms.

Sterile Solution

A liquid free from any living microorganisms, used in medical contexts to prevent infection.