George Akerlof

In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.

I had an instinctive feeling that the people who have little or no school training should have something coming into their homes weekly which dealt with their problems in a simple, helpful way... so I wrote in a plain, common-sense way on the things that concerned our people.