Category: econocaste

economics .. the short version, since the long is wasted on the young

Get The Trope Correct

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The Big Flop. Grand Theft Market. Greatest Recession ever Sold. Any of these are correct about the perpetual correction that is Market Street, but the failure continues, not because the fix has been applied, but too little too late. Nope the fix isn’t a bandage. It is more like a mop up. The beast at the parade that seemed injured and bleeding that ruined the mainstreet holiday hasn’t been fixed. It hasn’t been bandaged. Nope, we are just mopping the blood from the street. And as you all love to chant “there will be blood.”

a trope for the cover-up toupee. just a part.

What Was Said, What Is Meant

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What was said, research wise regarding Unemployment is predicated on first datasets developed in 1973 -> 1976. This means that the resulting conclusions were based upon a US industrial labor pool. Of course these assumptions were stated in those papers (available from JSTOR) they are not stated in current conversations about UI (unemployment insurance).

“In manufacturing, about 75% of those who are laid off return to their original employers. More generally, among all persons classified as “unemployed job losers,” temporary layoffs account for about 50 percent of all unemployment spells. — 1978 AEA, Feldstein

Incentive is a reason… a money reason. To be understood, mathematically and rigorously, “incentive” is drawn with “information.”

it is called “insurance” for a reason. Suppose your insurance agent just decided to stop paying you because he thought it was making you lazy. Enjoy your house of cardboard.