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Labour links

Brexit, TrumpKKK, the EU – broadly defined labour markets are key. About this:

A. Noah Smith is changing his opinion

  1. A job is more than a paycheck. It is a social institution, too
  2. Debunking labour economics 101 (very clever but also logical and empirical)

B. Frances Coppola is not changing her opinion: ‘Reinventing work for the future'(about basic income)

C. The Daily Mail wants to change your opinion, about this (graph) Source: ONS. The non-far right should not leave it to the Daily Mail to write about such events and has to ask the question: is the UK mopping up the fall out of austerity in the EU, which leads to people (men…) who become angry about/afraid of losing the dignity and status their jobs once provided. See the first Noah Smith link. And his second. And the Coppola link.



Technical addendum: the EU2 countries are Romania and Bulgaria (which also happen to have the lowest price levels of the entire EU, about half the German level, which clearly does not lead to buoyant exports). The EU8 are Poland, Estonia, Lithuania, Latvia, Hungary, the Czech Republic, Slovenia and Slovakia. Note that the new Polish government lowered the pension age to 65.

D.Unemployment in the USA is getting lowish. But the participation rate is still low. EU unemployment is getting lower but still outright high. But the EU participation rate is  increasing. Spectacular: employment rate of black men in USA is up 2,2%-point in one year.

  1. December 6, 2016 at 2:52 pm

    Maybe i’m missing something but i tend to agree with the Coppola article. (I am not sure a BIG would be a panacea for everything but it might be part of one). Noah Smith is correct that a job is a social institution—but he leaves out the part that it also depends on what kind of job it is. His view seems to be a variant or revision of the phrase attributed to Marie Antoinette ‘let them eat cake’. He promotes ‘let them have, or rather, give them a job’. All the jobs he doesn’t want to do—be a prison guard, join the army, be a clerk at a conveniance store, clean his house, take care of his elderly parents, be a security guard, etc. He’ll just write his half-thought out articles for 2 times or 10 times the $.

    I guess he’s sort of a cheap imitation of Paul Krugman, sort of like the cheap imitations of fashion clothes people buy (made in china etc.) , and despite his Noble Prize and a bit of math Krugman is not a genius.

    Half the people i know operate in the marginal economy—off the table. In a sense, as they had concientious objectors for some wars (i had two in my family, including my father–he became a medic instead of being a combatant, since he was basically a pacifist; the other went to jail and worked on a chain gang building roads in west va ) alot of people i know are work resistors. Noah Smith probably ‘worked a job’ at some pizza joint before working at Bloomberg. I dont view those as work.

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