tag:blogger.com,1999:blog-4900303239154048192.post7298509361989890387..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: AnomalyUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-57802050696347718032009-10-08T13:44:12.154-04:002009-10-08T13:44:12.154-04:00'The nonessential thus presents itself as a &q...'The nonessential thus presents itself as a "matter of life or death."'<br /><br />Yes, but what are the consequences of this on a societal level? What are the consequences to the collective unconscious of a society when a significant number of its members feel threatened by any measure that conserves resources for future generations or preserves the environment or decreases the likelihood of armed conflict? The people whose livelihoods depend upon profligate resource consumption or unlimited polution or the manufacture of armaments may protest that there is a genuine need for what they are doing (witness all the fearmongering about the Chinese when they tried to eliminate the F22) but most of them can see the effects of what they are doing even if they won't admit it.<br /><br />This sounds like a recipe for a real pathology to me.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-14220853054845867132009-10-08T00:05:10.163-04:002009-10-08T00:05:10.163-04:00If you look at the prices of goods as measured by ...If you look at the prices of goods as measured by hours of work it becomes clear that workers here are being disciplined by subtle encroaching threat of starvation.<br /><br />The median price of single family house, as measured by hours of work, has increased from 8000 hours to 15000 hours between 1964 and 2006.<br /><br />This is resulting not simply in the lack of demand for shorter hours, it has also resulted in dual income families, and delayed retirement, and another generation of latchkey kids.<br /><br />And, it is self-reinforcing, to the extent that, as you point out, this additional work is mainly taking the form of superfluous activity. This superfluous activity has the effect of inflating prices generally, since it adds nothing to output. Inflation, therefore, increases labor force participation, which increased participation adds to inflationary price pressure...<br /><br />Keynes observed that unions were not likely to challenge constant inflation they way would fight wage cuts - making it possible reduce real wages. What he did not add is that they could be compelled by this cruel tactic to work themselves to ruin.Anonymousnoreply@blogger.com