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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: axial who wrote (108482)	2/18/2010 10:31:31 PM
From: Joe Btfsplk	1 Recommendation Read Replies (1) \| Respond to of 116555

Guilds garner sympathy from those who've never been exposed to larger questions. Groups and nations are dependent on consumer goods in the pipeline for later delivery, hopefully with expanded production, improvements, and gently falling prices. When unions garner excess political power they exclude others from production, decrease output and increase prices. That excess power represents a reversion to the war of all against all. Insofar as they sponsor apprenticeship programs, perhaps administer pensions, unions can be a good thing. There's always tension between investment and consumption. The latter is at all times dependent on the former. Sometimes capital is slow in concessions. In aggregate, it's way past time to recognize that increasing, even stable, wages can be contrary to the general interest.