9 comments on “Guess who?

  1. Some Murphy aspirations:

    1 Vermine
    2 Nobel
    3 Blue plaque outside the end-terrace
    4 General set text for Economics 101 – “The Joy of Tax”

  2. Obviously it’s Captain Idiot.
    Nonetheless is the US labour participation rate not still 3 percentage points below its 2008 level?

  3. Adrian

    I think someone (perhaps the great Noel Scoper) should keep an archive of ‘Ritchieballs’ – a blog where prime examples of hisidiocy are preserved in a much more easily accessible form.

    That was genius – and in his ‘post reasonable’ phase to boot – I think that might have been one of the first ‘holidays for the trolls’…..

  4. @cjcjc – Good point and isn’t the number of people voluntarily out of the labour market rising in the US and elsewhere?

  5. If you are voluntarily out of the labour market then you are ipso facto unemployed, but not counted as such. It would be crazy to place people who don’t have a job and don’t want one in the same category as people who don’t have a job and do want one. It’s fine to try and find out why somebody might prefer not working (well, earning really) and maybe try to improve the incentives to seek a job, but right now the number of job openings in the US is higher than the number of people actively seeking work, which is as close to a tautological definition of full employment as I can think of.

  6. “but right now the number of job openings in the US is higher than the number of people actively seeking work, which is as close to a tautological definition of full employment as I can think of.”

    You have to include price and capability in that statement.

    Every job that pays more than minimum wage is evidence of a shortage in the supply of labour capable of doing that job. Thus, so long as there are jobs paying more than minimum wage, there are always unfilled jobs going. The problem is, what happens when you have a whole bunch of people incapable of doing those jobs, but still looking for work?

    I’d define full employment as being when the labour market has cleared, with supply of labour equal to demand at every skill/experience level. And I’d say you can never get full employment with price-fixing going on. But that’s my own personal definition which none of the economists agree with, plus the cause is somewhat different, there.

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