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The issue I see with that argument specifically is that the underlying system will always have people not in jobs. From my reading, economists consider a 100%
by neetle 6y ago
The issue I see with that argument specifically is that the underlying system will always have people not in jobs.
From my reading, economists consider a 100% employment rate bad as it means there's no elasticity in the labour supply. If there's no elasticity in the labour supply, wages go up and the rich can't effectively extract surplus value. We will always have the unemployed, as it's a feature of the economic system we participate in.
If you want to fix the "problem" you need to abandon capitalism. I'm not sure anyone here wants to do that, myself included.