Home > economics > Jamie Galbraith’s Dog Whistle (3)
  1. James Galbraith
    March 7, 2010 at 11:16 pm

    The idea that “there is not enough work” is just too silly to rebut. Work is anything we choose to pay for.

    As for the Chinese… if they really did intend, at some point in the future, to cash in their reserves (whatever that might mean) then… why haven’t they already done so?

    Enough said.

    JG

    • charley2u
      March 8, 2010 at 7:53 am

      Jamie,

      Yes. It is so far fetched, Jamie, that Keynes referred to reduced hours of work as the only long term solution to full employment. He suggested that it would have to be implemented as soon as 1960. Why do you Keynesians only quote the parts of Keynes you find convenient? Why do you never acknowledge that it is possible for investment demand to become “so far saturated that it cannot be brought up to the indicated level of savings without embarking upon wasteful and unnecessary enterprises.” (Keynes) That is, that the level of productive employment under fixed hour of work always most tend to fall short of what is necessary to absorb the massive amount of output we can produce.

      Why is it that you Keynesians never actually mount a serious criticism of military spending on this account? And, never explain the relation between NSC-68 and the long hours of work Americans have to endure? We had to fight the Russians, and then the Vietnamese, and then Iran, and then Iraq, and then the Terrorists, and then Iraq again, and now Iran again — no dividend for peace ever!

      What of all those prediction so long ago that soon the productivity of labor would be such that it would take few hours of work to satisfy human need? Did you think this was an optional outcome – that it could be ignored? Well, ignore it at your peril and the peril of society at large.

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