Comments on: GREENSPAN EXPECTS JOB GROWTH http://www.outsidethebeltway.com/archives/greenspan_expects_job_growth/ Online Journal of Politics and Foreign Affairs Sun, 23 Nov 2008 10:01:01 +0000 http://wordpress.org/?v=2.6.2 By: melvin toast http://www.outsidethebeltway.com/archives/greenspan_expects_job_growth/#comment-10548 melvin toast Wed, 31 Dec 1969 18:00:00 +0000 /?p=4634#comment-10548 I divide the political landscape into to general ways that people look at economic data. There is the fairness approach and the opportunity approach. The fairness approach looks at what the current state is. The opportunity approach looks at what the potential is. Whining about job growth in a growing economy follows the fairness approach. The economy is growing but people are being left out. But if you get beyond that, you might notice that efficiency is what enables economies to grow. As a matter of fact, one thing that causes recessions is too many people getting paid to do nothing. As the article says of course, there is a limit to how productive a worker can be and it's simple math that as the economy grows, more workers will be needed to meet the demand. Corporations will pick up some cash, hire millions of workers to work on projects that aren't really necessary, and the cycle will repeat. --- I divide the political landscape into to general ways that people look at economic data. There is the fairness approach and the opportunity approach. The fairness approach looks at what the current state is. The opportunity approach looks at what the potential is.

Whining about job growth in a growing economy follows the fairness approach. The economy is growing but people are being left out. But if you get beyond that, you might notice that efficiency is what enables economies to grow. As a matter of fact, one thing that causes recessions is too many people getting paid to do nothing.

As the article says of course, there is a limit to how productive a worker can be and it's simple math that as the economy grows, more workers will be needed to meet the demand. Corporations will pick up some cash, hire millions of workers to work on projects that aren't really necessary, and the cycle will repeat.

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