Skip to comments.The Fetish of Full Employment
Posted on 10/08/2009 1:20:21 PM PDT by arthurus
THE ECONOMIC GOAL of any nation, as of any individual, is to get the greatest results with the least effort. The whole economic progress of mankind has consisted in getting more production with the same labor. It is for this reason that men began putting burdens on the backs of mules instead of on their own; that they went on to invent the wheel and the wagon, the railroad and the motor truck. It is for this reason that men used their ingenuity to develop a hundred thousand labor-saving inventions.
All this is so elementary that one would blush to state it if it were not being constantly forgotten by those who coin and circulate the new slogans. Translated into national terms, this first principle means that our real objective is to maximize production. In doing this, full employmentthat is, the absence of involuntary idlenessbecomes a necessary byproduct. But production is the end, employment merely the means. We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production.
(Excerpt) Read more at jim.com ...
So, if one person could supply ALL of the needs for the entire country for food, housing and consumer goods, would we better off or worse off?
You have not read the piece.It is not here for argument.It is here for education. Your comment is non sequitur of the highest order.
4 replies...Two of them your's, one that is 4 letters and mine you didn't want to address. You have certainly achieved not having any argument about your post...
If you are engaged in some sort of contest then I am sure you win.
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