Some time later this week I expounded on why this even matters.
Sunday, May 31, 2015
FT monkeys' false fallacy eruption
The Sandwichman has been out of town since last Wednesday and the Financial Times (those FT monkeys) has seized the opportunity to publish not one but two articles foisting the farcical lump of labour fallacy fable on an unsuspecting public. This is evidence of a complete lack of journalistic ethics. A simple fact check would reveal that the fallacy claim is bogus.
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2 comments:
You don't tire to denounce the claims of fallacy of the lump-of-labour idea, and I never tire of pointing out that *strictly speaking* it is absolutely obvious that demand for labour can grow to any level very quickly as long as wages can be nugatory, zero, or negative.
There is instead quite a strong argument that in the short and medium run there is indeed a lump of wages, and growing that lump is quite difficult.
But that's a very different argument from that about the lump of labour.
Unfortunately as Reagan is reported having said as soon as you explain you lose.
Thanks for the explanation.
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