Yes. The story that Findlay, Ronald and Kevin H. O'Rourke. 2007. Power and Plenty: Trade, War, and the World Economy in the Second Millennium Princeton, NJ: Princeton University Press)
tell is not that different from Luxemburg -- that in many cases, the scale of production swamps the ability of a nation to absorb the output of the industries experiencing rapid tech. change, requiring war to open up new markets. Jim Devine wrote the connection between labor productivity growth and employment growth depends on how fast aggregate demand is increasing. All else constant, if labor productivity grows, employment shrinks. But all else constant, if aggregate demand for real GDP rises, employment rises. -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
