Here’s a story economists tell each other: A Nobel Prize–winning economist flew to New York City for a conference. He got into a cab, and started talking with the cab driver. The cab driver said, “Oh, you’re an economist? Let me tell you, this economy is terrible. I’m an unemployed architect.” The economist immediately replied, “No you’re not, you’re an employed cab driver.” According to the way the U.S. government measures unemployment, who is right?