An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
With 1,597,000 unemployed, 2,191,000 inactive but want a job, and 1,118,000 part timers wanting full time why do we need any more?
In their belief system, inflation control has to be done on the labour side of the equation, never on the capital side. That why we have concepts like NAIRU, but never a NAIRC (non-accelerating inflation rate of competition).Spot on!
I never thought I would say this but for once I agree 100% with Neil. Well said, Neil.
Really good analysis by Neil. I would disagree, though, with Neil's insistence that "...the language, writing barrier and general culture stops them [the Japanese] throwing open the doors."It may be true that this limits some immigration, but the actual answer, unfortunately, is that the Japanese are fanatical racists, and cannot bear to have a Korean or a Chinese in their midst let alone, say, a black African, indigenous South American or aboriginal Australian. Japan doesn't have to be open to immigration, and it can, if it so wish, have zero immigration, and every other country has that choice too. Japan can be a racist and intolerant country, if it so wishes, and it can live under the delusion that they as a people are superior and that their culture is similarly superior. That, however, should not stop the rest of the world from calling it as it is: Japan is as racist and xenophobic a country as you are ever likely to find. Although the central European countries are giving Japan a run for their yen: Hungary, Slovakia and others demand the "right" for their citizens to travel and live in other countries, but heaven forbid a Syrian refugee set foot on their sacred soil.
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