Brad>> Well, Alan Greenspan said that employment-at-will promotes cost
savings from taking advantage of technological change, that faster
adoption of new technologies means higher productivity growth, that
higher productivity growth means faster warranted real wage growth,
that faster warranted real wage growth means that the sustainable
average unemployment rate that keeps actual real wage growth equal to
warranted real wage growth is lower...
Hence, yes, Alan Greenspan said that layoffs promote employment... ============
Of course, he'll never call David Ellerman over at the WB to discuss the egregious affront of at will employment to "established" democratic values. Cost savings for whom? Isn't the task of 21st century technologies to do for energy productivity what the last 300 years have done for labor productivity? Is he still reading Nathan Rosenberg on the issue?