Lucas Debunked: All Unemployment is Involuntary, Not Voluntary
The article discusses different types of unemployment, including voluntary, frictional, and involuntary. It argues that frictional unemployment is a form of involuntary unemployment, contrary to what Lucas suggests. Lucas believes there are always immediate job openings for unskilled workers, which goes against the ideas of Keynes and Pigou. By redefining voluntary unemployment, the term "involuntary" may not be necessary because all unemployment is ultimately involuntary.