Since the 12 in Oslo awarded the Nobel Prize for economics, we see what he wrote on his blog a few days ago who has won this award two years ago. Or Paul Krugman
Commenting on the business cycle theory of Schumpeter ...
" 's all here: the mass unemployment is necessary because we must shift resources away from sectors that have expanded too much, the stimulus is bad because it slows the necessary readjustment. But now as then the whole theory falls apart when asked why, say, a boom in real estate - which requires a shift of resources towards the property sector - does not produce the same type of unemployment in a recession shifting resources out of the real estate sector "
Believe it or not, these are the words of Nobel Prize winner for economics Paul Krugman ....
This is the answer to Bob Murphy (the place because it's fun)
workers prefer to leave the work to be dismissed
imagine that we have the economy in equilibrium, say with unemployment at 2.5%, with a few people who leave the job or are laid off, due to changing preferences, technology, etc.
Then someone comes along who starts printing new banknotes without respite from $ 100. This guy starts to advertise the fact that wants to hire new workers in his factory and offers to pay for aspiring Qualified twice what they are getting now. Obviously the number of people who work in his factory is designed to skyrocket in the next few months while he continues to print its banknotes from $ 100
Now Paul Krugman wants to know : because the rate of unemployment does not rise 10% given that all these workers are moved to work in the factory of the forger?
The answer, of course, is that some of the people who were previously unemployed people find work at the factory and all other employees simply quit their jobs before as the higher wages they get now. The unemployment rate came down to say 0.3% for a year or two.
But sooner or later something must happen. It may not be possible for the print pieces of green paper makes the real economy more productive. People thought to be the richest for a few years after the process had begun for infringement, when in fact the whole it was not. All that was happened was a massive process of redistribution of wealth and capital consumption that is consumed while the people had been ingannata nel pensare che i suoi redditi reali erano cresciuti di molto.
Ad un certo punto la gente realizza che il proprietario della fabbrica non è altri che un falsario e spengono le macchine. Le banconote da $100 smettono di entrare in circolazione. Ognuno alla fabbrica viene licenziato istantaneamente e tutti quelli che rifornivano la fabbrica di materiali vedono il loro fatturato scendere del 50% (perché la fabbrica era un loro grosso cliente). Così anche loro devono licenziare un bel po’ di persone.
I lavoratori licenziati sono esterrefatti. They can not believe that having now consider paying jobs (in real terms) one half of what it took last week. They decide to wait a while ', sending away curricula in hopes of finding a job that pays, say, 85% of their old salary. Obviously the rate of unemployment is 0.3%. In fact rises above 2.5% and is an exceptionally high level for many months.
Paul Krugman does not really get us? Of course, maybe this is not a true story of what happened in the United States from 2002 to 2007, but there is nothing logically wrong with the story.
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