Undercover Economist: Improved Jobless Rate Masks Deeper Problem

The unemployment rate dropped in the UK to 7.1%, but the jobless problem in both Great Britain and America is far from solved, says Tim Harford, author of The Undercover Economist Strikes Back. Long term unemployment has done real damage on both sides of the pond, says Harford, and will remain a concern well after the recession is formally pronounced finished. He also says the minimum wage should probably be increased slightly, however, its not as big of an issue as many talking heads make it out to be.

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