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Mass unemployment ensures that there is always someone who will trade their labor for the lowest possible price so that they don't starve. It's built into the
by consonants 13y ago
Mass unemployment ensures that there is always someone who will trade their labor for the lowest possible price so that they don't starve.
It's built into the system, less of a plague and more of necessary requisite for capitalism.
- venomsnake 13y agoNope. Inflation and unemployment are built in. Hyperinflation and big unemployment are tumors. They should be kept in a goldilocks range preferably around 3-4%. If you have labor shortage the economy cannot grow as fast as possible. If you have big surplus - then you have big demand slump that moves you to a deflation spiral.
- consonants 13y agoThanks for the correction.