Nice post, Tom.
>But I'm also attracted by a seemingly simplistic opposition between the
>"Big Boys" who favoured a buyer's market for labour and the advocates of
>government planning who clearly and unequivocally insisted on the
>superiority of a seller's market -- not just a marginally less harsh
>buyer's market. Some would call that a "maximalist slogan". But
>wait. Which is more "maximalist": a planned, moderate labour shortage or a
>planned, moderate labour surplus?
Looks like Greenspan's moderate labour surplus plan is working nicely. I
see US unemployment is up beyond expectations this morning (and wage growth
down). Workers consigned to the slagheap and shareholders celebrating the
sweetness of the moment by buying the DJI and the NASDAQ up a coupla
hundred points.
Economics is getting pretty simple, eh? Rising unemployment = low wages =
the very definition of a healthy economy. And that's all there is to it.
Certainly, the Beeb finance journalist feeding me this news is almost
lasciviously worshipful of Big Al's genius and the sheer beauty of these
numbers.
Well, the nice young men in their long white coats here at the Home For The
Perpetually Appalled tell me it's time for my cocoa ...
Rob.
