On Dec 5, 2007 9:49 AM, Jim Devine <[EMAIL PROTECTED]> wrote: It might be said (though some would quibble about definitions) that the impact of the absence of unemployment in the old USSR could be explained in terms of moral hazard.
The reason there was no unemployment was a moral hazard in itself. Case in point, Czechoslovakian style: I worked at a bakery which hired a 20 something Czech and he spent a goodly portion of his time just standing there watching everyone else work, occasionally checking something or other When I asked him what was up with that he responded that in Czechoslovakia, there were 3 or more people employed to do every industrial job, and they just got used to picking up whatever didn't get done by the other workers. In the long run, this type of 'full employment' became financially untenable. Leigh
