Actually, he is just giving the hoary "self-adjusting economy" (through wage reduction) mantra along with the sermon about it taking time and being painful but there is nothing we can do about it (other than to accelerate the wage reduction by removing labor-market "protectionism"). Just more of the same recycled 19th century Bastiat/Say codswallop.
On Fri, May 15, 2015 at 11:58 AM, Tom Walker <[email protected]> wrote: > "Everything I have believed and taught about economics is a lie." > > Including "the" and "and". > > On Fri, May 15, 2015 at 11:49 AM, Eugene Coyle <[email protected]> wrote: > >> Tyler Cowen has a blog called "Marginal Revolution." >> >> Today in NYT he was a musing that the economy isn't working. Which is to >> say, "Everything I have believed and taught about economics is a lie." >> >> Poor Tyler. >> _______________________________________________ >> pen-l mailing list >> [email protected] >> https://lists.csuchico.edu/mailman/listinfo/pen-l >> > > > > -- > Cheers, > > Tom Walker (Sandwichman) > -- Cheers, Tom Walker (Sandwichman)
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