Economics in One Lesson Part 2
Chapter X: The Fetish of Full Employment I find this book so much more fun to read than to write about, but I read a quote today on twitter about how reading only gives you the materials of knowledge, it is the act of thinking about it that makes that knowledge your own. I committed to this blog as a means of forcing myself to think about what I was reading in order to make it my own, so onward. My saving grace is that the chapters are short, so I'll try to to feel too bad if my explanations are even shorter. Obviously, high unemployment is a bad thing. But the inverse isn't necessarily true, high employment isn't necessarily a great goal in and of itself. If it were, slave labor would be a good thing. "It is because we have become increasingly wealthy as a nation that we have been able virtually to eliminate child labor, to remove the necessity of work for many of the aged and to make it unnecessary for millions of women to take jobs." That's a lot fewer p