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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Incitatus who wrote (52024)6/4/2006 12:33:13 PM
From: CalculatedRisk  Read Replies (2) of 116555
 
Krugman answers you: "The best that von Hayek or Schumpeter could come up with was the vague suggestion that unemployment was a frictional problem created as the economy transferred workers from a bloated investment goods sector back to the production of consumer goods."

ROFLOL. Krugman would agree that there is friction (as you described), but why would it persist for years?

What is really funny is Krugman is concerned about the current housing market and the friction of workers moving to new jobs. But that is just a small part of the current problem.
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