Posted on 01/12/2012 12:04:41 PM PST by C19fan
Strangely, or perhaps not so strangely, these were Marx's promises, first in the Manifesto and later in the first volume of Capital. Free the working man from wage slavery and true human actualization will follow, and yes, after his fashion Marx really did believe in human actualization.
In fact, scarcity and poverty did. In brief the author's argument is that fewer work hours at the same productivity will produce fewer manufactured goods and hence be easier on resources; and that fewer hours worked will result in lower money supply and hence prices will go down. This is economics for toddlers, journalists, and college freshmen.
The series of tendencies that will be the consequence of this is: decrease in supply of labor --> decrease in production --> decrease in supply --> increase average money prices --> decrease in average real wages --> decrease in the standard of living of the average worker
It’s always struck me as amazing that American industry has been resilient enough to absorb the massive number of “extra” employees since women began entering the workforce en masse in the late ‘60s, early ‘70s.
Of course, many of those women went into government jobs, which all of us have been bankrolling for 40-plus years.
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