Wednesday 18 October 2017

Brendan Keenan: Solving our unemployment riddle a work in progress

But Europe could revisit the thorny issue of the link between wages and productivity

I used to get regular correspondence -- as did many others -- from a man who believed we were all missing the point about unemployment: to wit that technology meant there was just less demand for labour.



I think he may have given up; and it is true his theory failed to get a good airing. The reason was probably that it looked suspiciously like what is called the "lump of work fallacy".

It was applied to shoot down those who objected to giving equal opportunity to women, or raising the retirement age, or anything else which appeared to increase job demand.

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