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Friday, January 28, 2011

The Scott Sumner Full Employment Program

"Here’s how I think about jobs. First, what do we want? If those things can be provided with very few workers, don’t despair, ask what we want after we have gotten our first wish granted. And so on, until all the workers are employed." -- Here.

4 comments:

  1. Wow, I didn't expect he would say something like that. It's sharp turnaround from his usual suggestion of, "So, people are already buying everything they want? Then print money and spend it on things they _don't_ want so that the people making that worthless junk will stay employed!"

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  2. Silas, I believe the same post has his explanation of WHY he wants to target NGDP growth. Very interesting.

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  3. I didn't think it was interesting. It was the same ol', "Let's use technological improvements to establish that inflation is really low, which means we can print money with no problem, even though it raids savers who are vital to economic growth." But to each his own.

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  4. Well Silas, it's always comforting to realize that it's not personal animus that drives you to attack straw man versions of MY ideas... you just wear straw-man-colored glasses, I guess.

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