His book "Structural Slumps", published in 1994, is an ambitious attempt to provide a general theory of how the natural rate of unemployment evolves.

在他于1994年出版的《结构性低迷》一书中，他雄心勃勃的试图给出一个自然率失业演化的一般理论。

youdao

That means recent grads have about the same level of unemployment as the general population.

这意味着刚毕业的大学生失业率与一般群体的失业率几乎不相上下。

youdao

Because Hoover insisted that wage rates stay the same, even though the market-clearing wage rate was falling with productivity and general prices, the result was larger and larger unemployment.

由于胡佛坚持工资不能变，但是随着生产能力和整体价格的下降，市场结清工资早已下调，结果就是一波又一波的失业。

youdao

That so long as a state of general unemployment prevails, in the sense that unused resources of all kinds exist, monetary expansion can be only beneficial, few people will deny.

FORBES: Hayek: "General Unemployment" Requires Easy Money

General unemployment is high - about 2.6 million.

BBC: Autumn Statement: Small firms get ?40bn credit help

But such a state of general unemployment is something rather exceptional, and it is by no means evident that a policy which will be beneficial in such a state will also always and necessarily be so in the kind of intermediate position in which an economic system finds itself most of the time, when significant unemployment is confined to certain industries, occupations, or localities.

FORBES: Hayek: "General Unemployment" Requires Easy Money