Book Nook Message Board - Msg: 15659171

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To: Ilaine who wrote (187)	4/13/2001 11:35:59 AM
From: Don Lloyd	Read Replies (1) of 443

CB- I'm distrustful of economic books that attempt to quantify human behavior via mathematical equations. I don't really think it can be done. For example, an attempt to quantify the percentage of unemployment that is consistent with overall growth. The question is absurd. It tells you nothing about the people who are unemployed - it assumes everyone is equal, when they aren't. ... In that case, your outlook is in agreement with the Austrians, who don't normally do equations or graphs either, just dense a priori logic in how individuals choose and act. Unemployment is primarily the result of minimum wage laws and welfare, along with the unholy alliance between government and organized labor that rewards the few at the expense of everyone else. In a free market for labor, some businesses would employ highly skilled and productive workers at high wage rates and other businesses would employ those willing workers of lower skills and productivity at lower wage rates. In both cases productivity and wages can be increased by the addition of capital. Regards, Don

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