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December 23, 2009 Leave a comment Go to comments

In our last post, you probably noticed something that not even young Raj has discovered yet about the field of economics: One can decide to provide unemployment benefits to a population of ruined workers, or one can leave them to their fate. However, as Raj points out, policy makers’ choices have consequences:

“Standard models predict that we should have no safety net,” said Chetty … [but] because most Americans have so much income tied up in fixed commitments, such as payments for houses, cars, and furniture. “There are a lot of things you can’t adjust in the short term” …

Unemployment compensation should be provided, in other words, because if people aren’t provided an income to make up for their lost wages, gangsters on Wall Street can’t collect on their debts. See, you have to continue eating, so Wall Street can get paid.

If you were paying attention you also caught how it neatly fits with the introductory statement to the piece regarding the food chain:

Occasionally, an economist will say something that makes it all clear exactly your position in the food chain.

That, even though we did not intend it, neatly sums up your position in life: domesticated animal:

Moo, motherfucker. Moo!

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