The thread, >The deregulated, no-union, zero-employment economy of the United States is >seen by some Australian employers and politicians as a model for this >country. But as ADELE HORIN travelled America, she found the downside - an >army of worn-out, exploited working poor. About 75 years ago, John Maurice Clark wrote a book called _Studies in the Economics of Overhead Costs_. One chapter is an analysis of labour as an overhead cost. Clark's point was that labour is treated as a variable cost in the employer's accounting but that a portion of that cost has to be met *by someone* whether or not the worker is employed. Layoffs, low pay and overwork shift the cost of labour from the firm to society. They don't "eliminate" the costs. If the social overhead costs of labour were properly accounted for, there would be no "economic miracle", only an unambiguous confiscation of value from labour to subsidize finance. If it was simply a matter of transfering value, it would be possible to restore that value to its "proper owners" through a more honest accounting. But the swindle has required not only a transfer of values but a wholesale waste of potential value. This pilfering and waste is done under the name of "trade-offs between efficiency and˙ equity". There is no "trade off" between efficiency and equity, only a legacy of bad bookkeeping, bad policy and bad faith. Taking a cue from André Gouin's comments on Alan Greenspan, I might add, "bad English". Watch the financial crisis in Asia to get an idea of what kind of bird hatches from this little nest egg of misallocation. And what the IMF prescribe more sickness as the˙ cure. Regards, Tom Walker ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Know Ware Communications Vancouver, B.C., CANADA [EMAIL PROTECTED] (604) 688-8296 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The TimeWork Web: http://www.vcn.bc.ca/timework/
