Home > Off Blog > Got depression? Here’s the cure

Got depression? Here’s the cure

December 17, 2008 Leave a comment Go to comments

A simple remedy for economic depression, as outlined by Dean Baker, in his article, The Fear of Secular Stagnation:

Well, there are two really simple answers to this problem:

1) Work fewer hours – while workers in other wealthy countries can count on 4-6 weeks a year of vacation, workers in the United States are guaranteed no paid time off. As a result, the average work year in the United States involves almost 20 percent more hours than the work year in Western European countries. As fringe benefits a shorter work year can be more family friendly and also we can be less polluting if we take the benefits of our productivity growth in leisure instead of income.

2) Support growth in the developing world – back in the good old days economists used to think that capital should flow from rich countries to poor countries so that they could build up their capital stock and infrastructure at the same time that they fed and clothed their populations. This thinking conveniently disappeared from view when the United States began to run large trade deficits in the late 90s.

Amazing.

And, it doesn’t take Washington intervening in capital markets, busily buying every kind of asset to protect billionaires from themselves.

It doesn’t take a trillion dollar in new expenditures by Washington to bail out every banker or state government with sob story.

All it takes is for you to work less, and the residence of the Kibera slums to live a better life.

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  1. December 17, 2008 at 11:35 pm

    I like your blog. Would you consider exchanging links?

    I don’t care whether links and comments agree or disagree as long as they are witty or intelligent, as your blog is. The important thing is that we have intelligent discussions to improve America.

    Our future is what we make it. Idiot Congress and elected officials have proven by example that if we do nothing, we have no future. The first step is never to vote for the person currently in office.

    It helps to have some entertainment, satire and laughs along the journey.

    My blog address is http://franklynchusa.wordpress.com

    My 2008 Presidential campaign website that changed the issues for all the Presidential candidates, including Obama, and still has additional issues needed to lift up our future, is

    www franklynch.org

    Thanks

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