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Jobs for Life


In a sad testimony to the degeneration of its economic thinking - as well as to the shocking erosion of its editorial consistency — the Pink'Un, the Third Way interventionsist daily journal, otherwise known as the Financial Times, clearly thinks it is better to eschew economic flexibility in favour of the kind of 'job security' which only comes at the expense of capital allocation, credit expansion and government support programmes:

'More than a fifth of Japan's factories are hiring temporary workers and more than four-fifths are considering doing so following industry deregulation in March, according to a survey. The switch to temporary staff as Japan's economy improves suggests that the recent fall in jobless numbers is vulnerable to a reversal if the economic recovery runs out of steam. In the past, most jobs at big companies were permanent and could only be eliminated in the event of severe restructuring or bankruptcy....'

Sean Corrigan is the author of 'Money, Macro & Markets' newsletter & Consultant to Hinde Capital.

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