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buybuydandavis comments on A Keynesian key insight - Less Wrong Discussion

6 Post author: Stuart_Armstrong 19 June 2013 02:05PM

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Comment author: buybuydandavis 26 June 2013 06:44:10PM -2 points [-]

Microeconomics says that wages demanded and supplied will adjust to reach full employment.

Next time you meet Mr. Microeconomics, tell him he's an idiot. Fortunately for me, I don't know anyone so stupid.

Everyone is employable! Everyone will be employed! What grown up with an intact brain thinks that?

Comment author: wedrifid 27 June 2013 07:48:43AM *  1 point [-]

Next time you meet Mr. Microeconomics, tell him he's an idiot. Fortunately for me, I don't know anyone so stupid.

Everyone is employable! Everyone will be employed! What grown up with an intact brain thinks that?

I expect "Mr. Microeconomics" to glance behind him at "Mr. Straw-man Microeconomics", to whom I would addressing my gratuitous insult.

Comment author: Stuart_Armstrong 26 June 2013 10:22:36PM *  1 point [-]

Full employment meaning that everyone that desires to work at the wages that they would be offered to do so, would indeed be working.

Comment author: buybuydandavis 27 June 2013 02:25:56AM 0 points [-]

"Would be offered" in what counterfactual universe?

Comment author: Stuart_Armstrong 27 June 2013 11:52:37AM 0 points [-]

Without counterfactuals: assume Mr X is willing to do job Y at wage Z, and has as much skills as Mr A. Then if Mr A has job Y at wages above Z, and Mr X is unemployed, we do not have full employment.

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