Thanks to Eric for detailing some of the keys to the differences between his CJL series and the use David, Sam and Tom used the S-B original series to develop their general explanation for the macroeconomic failures of the US economy post 1970. Another aspect of this that I think is particularly significant is that in _After the Wasteland_, David, Sam and Tom argued that the rise in the CJL as a result of the monetarist/Reagan "revolutionary" assault on the working class was only the result of the high levels of unemployment caused by the high real interest rates imposed by the FED as opposed to being the result of ACTUAL high rates of exploitation that would have existed at higher levels of capacity utlization. In other words, though the phenomenon appeared similar, the CAUSE of the high cost of job lost was entirely different --- and not very positive for the long run profitability of the capitalists. They try to track this by deriving an index of underlying power of capital in the capital/labor struggle. I have always been interested in whether that index continued to be low between 1988 and 1990 (when the recession began). Does anyone know if David was keeping THAT index up to date? One other point, which I'm sure Eric will agree with, else why would he bother to derive a CJL: The very CONCEPT of the Cost of Job Loss is a major challenge to the neo-classical conception of the labor market incentives. For the neo-classicals, the "supply of labor" is for the most part a result of the need to "bribe" workers to "substitute" work (ugh!) for leisure (hooray!). I had an interesting experience in my class: I asked them if they thought that leisure was always valuable --- I asked them to imagine NEVER HAVING TO WORK and whether that would be a much better situation than having to work and taking leisure as a break from work. Most of them argued that if there wasn't work, leisure --- doing "nothing" --- could get pretty boring. That "leisure" is only valuable in the context of a life involving work. Amazing that the neo-classical textbook writers never thought of that ... or did I miss something? -- Mike Meeropol Economics Department Cultures Past and Present Program Western New England College Springfield, Massachusetts "Don't blame us, we voted for George McGovern!" Unrepentent Leftist!! [EMAIL PROTECTED] [if at bitnet node: in%"[EMAIL PROTECTED]" but that's fading fast!]
