<i>&gt; Note the contradiction: &quot;no involuntary unemployment and, indeed, no money&quot; followed by &quot;real wages fell by 40% but employment dropped&quot;.</i><p>That contradiction quickly dissolves once you see that he first he talks about <i>macro</i>economics as taught in the university (&quot;no involuntary unemployment and, indeed, no money&quot;) and then about <i>micro</i>economics (&quot;real wages fell by 40% but employment dropped&quot;).