In Keynes's day, wages were being artificially inflated by labor union contracts. Unemployment rose. But then Keynes decided inflation would solve the problem by lowering real wages. Here's why that's a bad idea.
Henry Hazlitt’s second law is the observation that everything in Keynes's General Theory is either unoriginal or untrue. Keynes's theory of unemployment equilibrium is the most original aspect of his work.
The automation doomers assume that when jobs are eliminated by automation in one place, that the number of jobs are permanently gone. For this to be true, there would have to be no growth in the need for labor elsewhere.
The Sanders proposal comes with all of the hidden costs and other unwanted surprises that one would expect from a politician who has supported totalitarian governance for all of his political life.
When markets are mostly free, prices adjust freely and constantly to adapt to new realities. Yet Keynes failed to understand how market rigidities are caused by government intervention. He blamed markets instead.
The automation doomers assume that when jobs are eliminated by automation in one place, that the number of jobs are permanently gone. For this to be true, there would have to be no growth in the need for labor elsewhere.
Henry Hazlitt’s second law is the observation that everything in Keynes's General Theory is either unoriginal or untrue. Keynes's theory of unemployment equilibrium is the most original aspect of his work.
Professor David Heymann shares his perspectives on post-pandemic life and on opportunities for the public health sector.
The US has millions of idle workers. In a normal economy this would put a damper on demand. But in our money-printing economy, consumer demand is surging even as production falls behind. An employment bubble is the result.
The US has millions of idle workers. In a normal economy this would put a damper on demand. But in our money-printing economy, consumer demand is surging even as production falls behind. An employment bubble is the result.
