Herbert Gintis says
> Excess supply is not a disequilibrium in markets where complete contracts
> cannot be written and costlessly enforced.
But this is true for all labor markets. I take it as a given that we are
speaking in relative terms. That is, "significant number of unemployed
teachers" means "in relation to other job markets". Didn't mean to force a
neo-classical outlook on you, Herb.
Anthony Davies