4,249 works (including 483 books, 3,406 articles and 357 historical documents), 150 years of economic thought. Each one summarized and searchable.
Observed employment records how many people work—not how many would work, or how many employers would hire, at the prevailing wage. Bernhard Böhm and Gerhard Tintner make this distinction the basis of their econometric study of Austria’s labour market in 1954–1975. Their model treats employment as constrained by whichever is smaller: labour supply or labour demand. The resulting estimates suggest that registered unemployment can conceal the extent of involuntary unemployment during downturns, even when average rates broadly coincide. Yet the authors also expose the fragility of that inference: different starting values change the estimated market regimes, and a higher statistical likelihood need not produce an economically credible result. This essay offers a concrete encounter with both the interpretive possibilities and the numerical limits of disequilibrium modelling.