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| Mar 30, 2010 2:51 am |
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re: re: re: money and debt in today's environment ... |
Thomas Holford
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Ken Hilving sayeth:
> Forget all the bull about lazy people, parasites, and socialism. The vast majority of people out of work are quite willing to work, but the jobs aren't there. Our global production has advanced in all areas to where the human involvement is no longer crucial. This is fantastic, except without work the majority of people cannot participate in the bounty.
An interesting analysis.
The definition of a "free market" is that it is self-clearing. That is, it efficiently balances supply and demand.
The fact that the market for labor is not "clearing" at this point in time says that the market is not efficient.
The relevant question is: what is the nature of the inefficiency and what can be done about it?
Obviously, there is available labor going unused.
The balancing question is: are there corresponding requirements for labor that are going unfulfilled? Or, put another way, are there needs for goods and services going unfullfilled that could be supplied by the application of labor?
I think the vast majority of people would certainly answer that there are goods and services they would like to have, but can't for a variety of reasons: affordability, availability, legality, etc. etc.
Bottom line: available labor, unfulfilled demands. Why isn't the free market doing its magic?
My answer after others have commented.
T. Holford
Private Reply to Thomas Holford (new win) |
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