unemployment and low wages

S Pawlett epawlett at uniserve.com
Tue May 4 11:11:38 PDT 1999


Marta Russell wrote:


> Here comes the superfluous mouth again.
>
> Prevailing economic theory holds that low wages are correlated with low
> unemployment; and high wages with high unemployment.

There is a lot of good criticism of the Philips curve. My favorite is in _Anti-Samuelson_ by Marc Linder. Other list members can probably provide more cites.

Superfluous mouths:

" The rent of these lands is very trifling compared to the extent, but compared to the number of mouths which a farm maintains, it will perhaps be found that a plot of land in the highlands of Scotland feeds ten times more people than a farm of the same extent in the richest provinces"--James Steuart cited in Karl Marx, Fred Engels. Articles on Britain Progress Publishers, Moscow 1971 p 146.

Sam Pawlett



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