Anyway, to conclude, cheering for productivity is not going to help the world economy. The solution is to increase production: productivity will rise when production rises. The standard story as told in Mankiw’s textbook is erroneous.Mankiw has the causality reversed.
The Case of Concerted Action
The Kaldor-Verdoorn Effect
Ramanan
The current world problems don't have much to do with the lack of productivity, but the distribution of the produce...
ReplyDeleteThere is enough productivity and capacity to every human being have a decent (not super-exhuberant, but decent) life. 50% of the food produced is wasted and thrown away, solve that before asking for more productivity, ffs.
P.S: This is not a critique of Ramanan, if anything a complement of what he says and a critique of idiotic "economic theory".
Mankiw is just another ideological boob....
ReplyDeleteI,
Here: "Never again will I curse the ground because of humans, " Gen 8:21
Its been a surplus society and simply a spoils system since after the flood 1000s of years ago every significant ancient civilization has a record of this... ... and we've managed to screw that up too... might be turning back since now we've been able to throw off the metals again but at most we're in the initial stages imo...
Getting better qualified and more competent people in positions of technical administration could speed things up here....
rsp,