1. How much structural unemployment was there during the Great Depression? (Marginal Revolution)
Tyler Cowen rounds up the literature about whether or not the Great Depression was a structural or cyclical collapse in unemployment.
2. Paul Krugman’s Economic Blinders (Michael Hudson)
Hudson writes that Krugman’s focus on arguing with intellectual minnows weakens his overall arguments.
Anjum Klair covers the underemployment crisis.
Jeremy Warner addresses the legal mess Athens will be in “when” (not if, apparently) it tries to redenominate its debt in drachma.
German finance minister Wolfgang Schaeuble says if the Greeks don’t like the rules they can leave. Phillip Inman writes that this is unfair and it won’t work