September 28, 2012

IT'S NOT A JOBS PROBLEM, JUST A DISTRIBUTION QUESTION:

The Short Run is Short (Eli Dourado)

My first bit of evidence is corporate profits. They are at an all time high, around two-and-a-half times higher in nominal terms than they were during the late 1990s, our last real boom.

If you think that unemployment is high because demand is low and therefore business isn't profitable, you are empirically mistaken. Business is very profitable, but it has learned to get by without as much labor.

And there's still plenty of deadwood left to clear.
Posted by at September 28, 2012 5:56 PM
  

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