Meanwhile, over at the *Financial Times*, leisure suit Larry Summers equates opportunity for children with educational achievement whilst hack Allister Heath at *The Telegraph* revels in creative destruction: "It's scary but it works."
http://econospeak.blogspot.com/2014/06/luddite-larry-and-downward-ramp-of.html On Wed, Jun 11, 2014 at 8:03 AM, Eugene Coyle <[email protected]> wrote: > Don't miss the essay by Thomas B. Edsall in the June 10, 2014 NYT. Edsall > reveals to Times readers what has seemed obvious to others for a few years. > The weak job market is pushing people down from college level jobs to > clerical, those pushed then push others down into ... well, the picture is > easy to get. Edsall calls it a "downward ramp." > > Edsall notes that even Autor, of MIT is finally acknowledging that this is > going on, and he, Edsall, notes further that Larry Summers, believer now in > stagnation, still believes that traditional government spending will solve > this. > > Lots of other economists reported on, especially interesting Canadian > professors. Larry Mishel and EPI is acknowledged but not the space > deserved for pioneering work over the years. > > The stunningly obvious step for society is to cut the work week, but as > usual goes unmentioned. Take supply out of the market, raise the price. > Every other supplier in the economy -- autos, pharmaceuticals, software -- > keeps prices up by cutting supply. Some through market power, others > through government intervention. Only workers cannot do it, for they must > eat. > > > http://www.nytimes.com/2014/06/11/opinion/the-downward-ramp.html?hp&rref=opinion > > Gene > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
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