[ExI] More on Health Costs
pharos at gmail.com
Thu May 28 08:13:31 UTC 2009
On 5/28/09, Lee Corbin wrote:
> What matters is not the number of jobs, but how
> much wealth is produced by jobs. Paying people
> to do nothing or to just fool around destroys
> Artificially low interest rates will always create malinvestment,
> as should be obvious to everyone. That it isn't obvious to
> everyone causes my paranoid circuits to fire, and wonder just
> how much in the grip of financial elites are all of our habits
> and prejudices, and even our whole economy.
> It's those who are nearest the new, hot money who prosper,
> (the big players and insiders of your footnote), and it's
> everyone else whose money depreciates in value.
Actually, I'm getting the feeling that this class of economic
reasoning is rapidly becoming very old-fashioned.
In first world countries, to a greater and greater extent, we don't
really *produce* anything. Production is China's job. In the West, we
all have 'make-work' jobs. Call it intelligence work if you like.
Really, it's just playing with computers.
All the 'investments' in the West don't *produce* anything. They are
just schemes to move money around (and transfer wealth to the
So getting all moralistic about 'production jobs' is now looking a bit silly.
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