On 6/11/14 11:03 AM, Eugene Coyle 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 >
"The other possibility – the option pressed by the Economic Policy Institute – is that government will intervene with policies to remediate stagnant or eroding wages." fat chance... _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
