No, the Chicago School maintains in its models that involuntary unemployment is logically impossible, which, as anyone who lived through the depression can tell you, is bullshit.  What separates the two is that, during the depression, investment had collapsed and companies were not willing to hire.  Involuntary unemployment occurs in this sort of scenario, as it does, to a lesser extent, during recessions.  It's the difference between there being no job vacancies and there being low-paying vacancies that some workers are not willing to take.  It's a distinction that, I think, must be made.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

What!?  This is bordering on outlandish.  I took econ courses at the U of C.  What are you talking about on Izzy's slavery comment is the U of C economics thinking?