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The Fetish of Full Employment
jim.com ^ | 1979 | Henry Hazlitt

Posted on 10/08/2009 1:20:21 PM PDT by arthurus

THE ECONOMIC GOAL of any nation, as of any individual, is to get the greatest results with the least effort. The whole economic progress of mankind has consisted in getting more production with the same labor. It is for this reason that men began putting burdens on the backs of mules instead of on their own; that they went on to invent the wheel and the wagon, the railroad and the motor truck. It is for this reason that men used their ingenuity to develop a hundred thousand labor-saving inventions.

All this is so elementary that one would blush to state it if it were not being constantly forgotten by those who coin and circulate the new slogans. Translated into national terms, this first principle means that our real objective is to maximize production. In doing this, full employment—that is, the absence of involuntary idleness—becomes a necessary byproduct. But production is the end, employment merely the means. We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production.

(Excerpt) Read more at jim.com ...


TOPICS: Business/Economy
KEYWORDS: economics; employment
Read the whole short book right there on line. You will never be fooled again by the pols. You will have the contrary immediately in your mind when you hear some pol's utopian scheme or government fix-it.
1 posted on 10/08/2009 1:20:23 PM PDT by arthurus
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To: arthurus

bflr


2 posted on 10/08/2009 1:34:20 PM PDT by robomatik
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To: arthurus
We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production.

So, if one person could supply ALL of the needs for the entire country for food, housing and consumer goods, would we better off or worse off?

3 posted on 10/08/2009 2:25:21 PM PDT by Onelifetogive (Liberals are always one genocide away from Utopia.)
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To: Onelifetogive

You have not read the piece.It is not here for argument.It is here for education. Your comment is non sequitur of the highest order.


4 posted on 10/08/2009 2:46:50 PM PDT by arthurus ("If you don't believe in shooting abortionists, don't shoot an abortionist." -Ann C.)
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To: arthurus
It is not here for argument.

4 replies...Two of them your's, one that is 4 letters and mine you didn't want to address. You have certainly achieved not having any argument about your post...

5 posted on 10/08/2009 8:33:39 PM PDT by Onelifetogive (Liberals are always one genocide away from Utopia.)
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To: Onelifetogive

If you are engaged in some sort of contest then I am sure you win.


6 posted on 10/08/2009 9:44:06 PM PDT by arthurus ("If you don't believe in shooting abortionists, don't shoot an abortionist." -Ann C.)
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