Is Brad DeLong encouraging us to eat the unemployed?
We live in a time when productivity is growing at between 3% and 4% per year--and thus when real earnings if the labor market were in balance would be growing at the same rate. Yet that's not what's happening: the past year alone has seen the gap between real earnings and labor productivity widen by 5%.One assumes DeLong doesn't have a modest proposal up his sleeve, but he does fall victim to typical liberal economic rhetoric when he pegs excess labor as the cause of the trouble rather than a shortage of capital -- or rather a shortage of capital available to serve the public interest.
I can't see any way to read this other than that there is *enormous* excess supply in the labor market, and that we are still very far away from anything that might be called full employment--enormous slack in the economy.
That being said, I have heard that a child will make two dishes at an entertainment for friends, and when the family dines alone, the fore or hind quarter will make a reasonable dish . . .