The global financial crisis (economic crisis) is not only the economic crisis also led to the crisis of mainstream economics. Direct manifestation of this crisis is that it seemed so in the face of crisis, the loss and helplessness, not only did not predict its arrival, the arrival of the crisis response Shiyou no real recipe. In view of the global economy at a crossroads, people hope the economists won the Nobel Prize for Economics theory can help policy makers out of the economic difficulties.

In fact, economists seem to open the wrong prescription, because in essence, the U.S. is not able to experience rapid economic recovery and rebound with the cyclical unemployment, but long-term problems of structural unemployment in the U.S. economy. Data show that, although in the past 6-9 months post recruitment has increased, but not the unemployment rate dropped significantly, reflecting the U.S. labor market “matching efficiency”, that is, market positions will be recruited into the ability to have real jobs began to deteriorate.

In general, changes in economic sectors are required every time the supply of labor can rapidly adapt to this change, but the structure of the labor market is the demand for labor and society do not coincide. The resulting unemployment is called “structural unemployment.”

Structural unemployment in the United States starting in the beginning of this century wave of globalization. Beginning of this century to the December 2007 start of the Great Depression, the BRIC countries as a symbol of the emerging rapid integration into the world economy. U.S. companies to optimize the use of global resources and enhance competitiveness, accelerating the flight of industry and the pace of service outsourcing. Due to lack of sufficient scale to absorb those new industries cut down American workers, structural unemployment began to appear.

From labor costs and labor productivity point of view of comparative advantage, relative to many emerging market countries, the U.S. manufacturing labor costs, etc. do not have the advantage, and in exporting high-tech barriers to open before the more high-end market share of trade were by European occupation. America needs a development model transformation and economic structural adjustment.

The Nobel scholars on the “search theory” is used to solve friction and matching micro-market, it seems that medicine is not symptomatic, they seem less concerned about the imbalance of economic structure, the imbalance caused by the delay and not return to normal balance of the underlying causes. The high rate of unemployment during the crisis, not the local economy, but rather systematic and structural problems. Economists should be thinking, why there is widespread, including human resources, including the mismatch of resources, how to get the markets back to the proper allocation of resources? Search theory and the theory of frictional unemployment on the systemic causes of the crisis not give a satisfactory answer.

Obama and the current government seems to have “gone astray”, the United States is trying to monetary and exchange rate policies to address the economic problem of unemployment caused by structural imbalances, hopes the price by lowering interest rates and exchange rates, the U.S. factors of production prices in the near future better than the competition, resulting in comparative advantages, promote the influx of industrial investment and promote export growth, thereby creating employment. Therefore, the exchange rate to promote the appreciation of his country to become the currency that we see today the reality of the war scene, no doubt, the U.S. government is opening the wrong prescription to the unemployed.

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