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Because you create wealth by producing goods and services. Jobs are a cost, not the end goal. Sacrificing production for jobs gets it exactly backwards and make
by poke111 9y ago
Because you create wealth by producing goods and services. Jobs are a cost, not the end goal. Sacrificing production for jobs gets it exactly backwards and makes us, in the aggregate, poorer, even though it makes a few people richer.
- zghst 9y agoAnd it ensures that the economy is based on time and low pay rather than valuable skills or invention. It removes the incentives to innovate in areas of life that are time consuming but have lots of workers.
- malchow 9y agoNicely put. I'd add that your response makes a tidy argument against the abusive public employee unions that hold public fisc hostage in the U.S. Right now, U.S. teachers' unions have crafted a public education industry that is a lot like what this technocrat in India might have conceived .
- hackinthebochs 9y agoBut jobs are how those goods and services are distributed. A country like India is not in a state to transition to basic income yet.