Very interesting take... "Unemployment would disappear if all wages fell to the level at which the supply of labor is equal to the demand for it. There is no need to go below this point like the Soviets did. But wages in general will have to be somewhat lower than they are now." "We need to remember that it is better to be employed, even for low wages, than to be unemployed." "Full employment requires wage flexibility, wages that can fall when necessary as well as rise. It remains to be seen if this is possible in a democratic society.
Posted on: Wed, 28 Aug 2013 22:27:08 +0000