Good article. Judging by more acute standards, uenmployment is closer to 20%. It is no small secret washington would like us to believe its lower to stimulate some confidence in the broken system, though business owners can see through the facade. At least my Econ degree is letting me see how fucked my country is, and not facilitating my job hunt in the mean time.
I’m reading through Samuelson’s economics right now. Good stuff. I’ve got a copy dating back to the 1970s. It’s amazing how little has changed. [/quote]
In my high svhool econ book, he said that the Soviet Union would exceed the USA by the year 2000.
All macroecon is a crock. They use continuous functions from Calculus to describe human societies, and that is simply bogus. Life is discontinuous and chaotic.
Because of chaos, governments become authoritarian attempting to stop the breakdown. Sometimes they can be successful for decades (China, NK, even the Soviets). But it can’t last. It’s like repealing the Law of Thermodynamics.
This is why I favor LF capitalism. We KNOW that chaos is natural so just back off and let it run. Then the chaos is low and self-correcting. Its when government seeks to stop the chaos (because everyone wants a secure job, free everything) that eventually dooms societies.