Economists including Nobel
Laureates ignore irresponsible behaviour of Banks, Investment Bankers,
Financial Institutions trading in derivatives including exotic ones which
nobody understands including themselves. You (whether you are an American,
Canadian, French, German, Indian, Britisher, Spaniard etc.) don't find jobs
because Governments have allowed Finance to dominate economic policies.
Mergers and acquisitions in the
name of efficiency destroy jobs. Pressure exerted by stock market expectations
on Company Managements destroy jobs. Add to this list Trade Unions, Minimum
wages act, Outsourcing effect which further destroys jobs. These combined
forces resulted in large scale automation, engagement of Robots, Bots etc.
further reducing employment opportunities. Capitalism which truly reflects
human nature can create employment opportunities. Capitalism and Free Market
have earned a bad name because Governments save irresponsible Banks including
Investment banks and Financial Institutions. Free Markets do work in real
economy. Retail sector is the best example of free market efficiency. Real
economy can create job mobility which will reduce income disparity and push up wages.
Apple phone is useless for jobs in America if it is manufactured outside USA.
The jargons of economists like
full employment, frictional unemployment, structural unemployment is useless in
reality. See the absurdity of economic concept of full employment at 4% or 6%
unemployment which in reality means lakhs of people are still to find jobs. Why
are economists advocating such an absurd policy as Full Employment?
Paul Krugman, a Nobel Laureate in economics made this statement in an interview in 2010:
"We are still at 10% unemployment in the country, with full employment being more like 5%." Mr Paul Krugman an economist can tolerate lakhs of people still unemployed at 5% Full Employment. Do we really need economists like him?
Paul Krugman also wrote a book " The Return of Depression economics and the crisis of 2008". If any government follows his advice then they can be assured of permanent presence of depression economics and persistent crisis.
