Peter wrote:
There is a very interesting review article in the latest issue of
Monthly Review [snip]
"they found an inverse relationship between
unemployment rates and the level of wages."
[snip]
This suggests that wage-cutting is not the route to lower
unemployment, as the endless neoclassical dogmatists would have us
all believe. Comments?
***
Rather, high unemployment is the route to lower wages. So they told
me in [marxian] economics class the other day. Makes sense to me,
and Peter's quote seems consistent too. But this is probably like
teaching my grandmother to crochet...
Lisa
