In this blog, I cover chapter 1 of "The Unemployment Crisis" by Richard Layard, Stephen Nickell, and Richard Jackman.
 Unemployment reduces output, income, and increases inequality as the unemployed job skills atropy.
 Unemployment fluctuates. My interpretation is that when the actual unemployment rate, U is not equal to the natural unemployment rate, Un, output and prices are not in equilibrium. When U deviates from the natural rate then there can be inflation or deflation.
 Unemployment in the European area has been associated with a massive increase in long-term unemployment. I interpret this to mean that job opportunities vanish the longer a worker is unemployed. Some blame generous unemployment benefits and high minimum wage.
 Unemployment varies greatly between countries. I once heard Robert Solow speak on this subject at Cornell College, Mt. Vernon, Iowa. It was a fact he was researching. He had reached no conclusion.
 Unemployment varies between age groups, occupations, regions, and races.
It is my analysis that the authors believe that unemployment is the core of an economy's ills. Unemployment imposes a psychic cost on those who are out of a job. Although the unemployed have more free time to seek leisure, few actually want to be out of a job. Most people want to feel needed. I believe that working presents challenges that develop character, skills, and gives meaning to life.