What do you think of Sen. Bernie Sanders’s proposal for a 32 hour work week (at the same pay). Sounds like he’s going after the Generation Z vote to me.
What do you think of Sen. Bernie Sanders’s proposal for a 32 hour work week (at the same pay). Sounds like he’s going after the Generation Z vote to me.
“at the same pay”
The word they left out “at the same pay nominal pay”.
My understanding is its a trilemma to be able to (1) control wages (2) control prices (3) have any efficiency in allocating resources.
I was thinking of writing a post on this subject. I believe that Sen. Sanders, like many, believes in the “true price” fallacy, i.e. that supply and demand have nothing to do with prices but there is a “true price” for everything (including labor) and paying anything below the “true price” of labor is exploitation. In goods charging anything above the “true price” is also exploitation—greedy corporations. You encounter this fallacy practically every day.
And in related voodoo economics news………
Noted insightful economist “steve” doesn’t understand why inflation is such a big deal. (Nor do the current idiots inhabiting the White House.) But Larry Summers does:
https://hotair.com/david-strom/2024/03/18/larry-summers-inflation-much-worse-than-government-says-n3784904
Oh.. And do we really need to analyze Sanders’ comment? Really?
Retired now but I would have been happy with just a 60 hour work week. Anyway, I think we should all get unicorns first before we go to a 32 hour week. It will give us something to do with all of that time.
Drew- Still waiting for all of those other economic numbers that are so awful.
Steve