Economics Questions

Re: Unemployment in the 1800s

Solredime — Tue, 26 Oct 2010 11:45:32 GMT

I wouldn't be surprised if he thinks the entire industrial revolution was caused by government taxes.

Re: Unemployment in the 1800s

Curtis — Tue, 26 Oct 2010 11:01:49 GMT

"He's of the camp that there was insufficient demand and disregards that people are paid according to their marginal productivity."

What "camp" is this? I know of no serious economists that hold such positions among any school of thought and I have a hard time believing that such a "camp" exists outside of your friends head. Can your friend provide any evidence that some, even a small minority, of reputable economists support him?

Re: Unemployment in the 1800s

nirgrahamUK — Tue, 26 Oct 2010 01:25:26 GMT

Its interesting to see how the mean duration of unemployment has risen .... http://en.wikipedia.org/wiki/File:United_States_Mean_Duration_of_Unemployment.jpg

Re: Unemployment in the 1800s

nirgrahamUK — Tue, 26 Oct 2010 01:22:11 GMT

http://en.wikipedia.org/wiki/File:US_Unemployment_1800-1890.gif ?

Re: Unemployment in the 1800s

Tony Fernandez — Tue, 26 Oct 2010 00:24:31 GMT

He's of the camp that there was insufficient demand and disregards that people are paid according to their marginal productivity.

Re: Unemployment in the 1800s

Solredime — Mon, 25 Oct 2010 20:44:28 GMT

Surely you don't need data to disprove the idea that making labour more expensive would increase demand for labour.

For whoever is making that claim to even have a straight face, they would need a hell of a lot of their own data.

Re: Unemployment in the 1800s

Curtis — Mon, 25 Oct 2010 18:28:05 GMT

Minimum wage and "other measures" create jobs? Wow, this is revolutionary and your friend should definitely share his discovery with the economics profession who, in their ignorance, cling to the idea that these things hamper employment. He could be the next nobel winner!

As for figures there are no reliable figures from most of that that era, for somewhat obvious reasons. Your friend is talking out of his a** and since he is the one challenging the consensus view of economists the burden of proof rightly lies with him.

Unemployment in the 1800s

Tony Fernandez — Mon, 25 Oct 2010 17:41:30 GMT

Does anybody have any figures? Some guy is claiming that there was persistent unemployment in the 1800s and that it took minimum wage and other measures to bring wages up and bring employment up. So, I can't find any good data.