This is hilarious. Reminds me of the time when I was three and I tried to cook my own oatmeal. When the (dry) oatmeal started to burn, I tried to remedy the situation by adding other ingredients. Water wasn't one of them.
The situation Bruce Bartlett describes is one that economists have ridiculed for ages as a "lump of labor fallacy." Megan McArdle had a post a couple of weeks ago in which she defended herself from charges of committing the lump of labor fallacy. Before that, Krugman wrote a column expressing sympathy for the Luddites. Do we see a pattern here? On Tue, Jun 25, 2013 at 8:20 AM, Jim Devine <[email protected]> wrote: > New York TIMES / Economix - Explaining the Science of Everyday Life > > > http://economix.blogs.nytimes.com/2013/06/25/labors-declining-share-is-an-international-problem/ > [for graph & table] > > June 25, 2013, 12:01 am > > Labor’s Declining Share Is an International Problem > By BRUCE BARTLETT > > Rising real interest rates, higher prices of investment goods, > higher depreciation rates, or even increases in corporate tax rates > would (everything else equal) push labor’s share upward as they all > generate increases in the cost of capital. > > This is important because many economists routinely assert that more > capital investment is critical to increase productivity, which, in > turn, will automatically lead to higher wages. While this is > undoubtedly true up to a point, we may have passed the point where it > is still true in economically advanced countries such as the United > States. > > -- Cheers, Tom Walker (Sandwichman)
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