It’s all there: mass unemployment is necessary, because you have to shift resources away from sectors that got too big, stimulus is a bad thing because it slows the necessary adjustment. And now as then, the whole notion falls apart when you ask why, say, a housing boom — which requires shifting resources into housing — doesn’t produce the same kind of unemployment as a housing bust that shifts resources out of housing.
So I realize I’m just a simpleton, but what law of economics says that when more employers are hiring, unemployment should go up? Or is he working in a zero sum world? But then people would just be moving from one field to another.