Jump to content
House Price Crash Forum
Realistbear

Nobel Prize Winner Pissartiste Calls For Slower Cuts

Recommended Posts

http://uk.finance.yahoo.com/news/british-nobel-prize-winner-christopher-pissarides-calls-for-slower-spending-cuts-tele-cb6fe2c4e641.html?x=0

.British Nobel Prize winner Christopher Pissarides calls for slower spending cuts
, 9:00, Tuesday 12 October 2010
Christopher Pissarides, the British-Cypriot who won the Nobel Prize for Economics, has called on the Government to make more 'gradual' spending cuts.
Professor Pissarides, 62, who specialises in the theories of labour markets and policies at the London School of Economics (LSE), said the current level of unemployment is "consistent" with the scale of the recession endured in the UK, but added that it is vital to get people back to work as soon as possible.
"The key idea really is they shouldn't allow unemployment to become entrenched," he said. "If you have been out of a job for more than a year, it's disastrous really - you don't have the incentive to get back to work."

What is the point in creating jobs when there is global oversupply, over capacity and a great need for the bubbles to deflate so that real jobs will then be needed.

Share this post


Link to post
Share on other sites

Why after a year would I have no incentive to work? Or is is it that the employers won't hire me?

The latter. Even a 2 week gap is enough to exclude you from quite a few jobs around here.

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/british-nobel-prize-winner-christopher-pissarides-calls-for-slower-spending-cuts-tele-cb6fe2c4e641.html?x=0

.British Nobel Prize winner Christopher Pissarides calls for slower spending cuts
, 9:00, Tuesday 12 October 2010
Christopher Pissarides, the British-Cypriot who won the Nobel Prize for Economics, has called on the Government to make more 'gradual' spending cuts.
Professor Pissarides, 62, who specialises in the theories of labour markets and policies at the London School of Economics (LSE), said the current level of unemployment is "consistent" with the scale of the recession endured in the UK, but added that it is vital to get people back to work as soon as possible.
"The key idea really is they shouldn't allow unemployment to become entrenched," he said. "If you have been out of a job for more than a year, it's disastrous really - you don't have the incentive to get back to work."

What is the point in creating jobs when there is global oversupply, over capacity and a great need for the bubbles to deflate so that real jobs will then be needed.

No yield to be found elsewhere in the world right now given the mass of financial capital flying around so he has a point.

Wouldn't work if the developing world develops a taste for consumerism.

Edited by Alan B'Stard MP

Share this post


Link to post
Share on other sites

Why after a year would I have no incentive to work? Or is is it that the employers won't hire me?

I guess a year w/o work implies that you've developed a life style that's sustainable.

Here's what looks like the best available resource on the prize-winning research:

http://static.nobelprize.org/nobel_prizes/economics/laureates/2010/ecoadv10.pdf

Share this post


Link to post
Share on other sites

Why after a year would I have no incentive to work?

The statistics show that people who are out of work for a year (especially while young) subsequently earn and spend less on average for the rest of their lives. To an economist that is a Bad Thing because the numbers get smaller. I wonder though if some of those people just figure out during that year that there's little point in working all hours to buy unnecessary tat as you don't need that much to get by.

Share this post


Link to post
Share on other sites

So much for the Tomorrow's World 70s vision of the leisure society. :lol:

One wonders just why this weird 'economystic' meme of 'employment' fails.

Work = virtuous

Non-work = heresy!

Got to keep feeding the banksters (and economists, and lawyers, and civil servants, and politicians, and insurance salesmen, and estate agents, and purveyors of tat everywhere)

Share this post


Link to post
Share on other sites

The statistics show that people who are out of work for a year (especially while young) subsequently earn and spend less on average for the rest of their lives. To an economist that is a Bad Thing because the numbers get smaller. I wonder though if some of those people just figure out during that year that there's little point in working all hours to buy unnecessary tat as you don't need that much to get by.

That is just the sort of evil thinking that all god fearing economists hate.

Don't you know you are a slave?

Share this post


Link to post
Share on other sites

Got to keep feeding the banksters (and economists, and lawyers, and civil servants, and politicians, and insurance salesmen, and estate agents, and purveyors of tat everywhere)

We must tax the masses onerously to keep providing cancer surgery and other intrusive medical "treatments" to people in their 80s who are going to die of that cancer anyway, just a few months later. I know this happens because as a cancer researcher I saw it with my own eyes. Also let us build lots of planes and helicopters and bombs and go use them on people who live thousands of miles away. Also we need a huge airport on an island in the sea, and some superfast trains so that top civil servants and businessmen can zip around feeling like they are more important than the bureaucrats and toothpaste salesmen they actually are.

This is an excellent use of society's resources, is great for GDP, and is far better than letting the peasants manage their own money and time so they can buy homes, have children, and keep one parent at home like their own parents did.

Share this post


Link to post
Share on other sites

We must tax the masses onerously to keep providing cancer surgery and other intrusive medical "treatments" to people in their 80s who are going to die of that cancer anyway, just a few months later. I know this happens because as a cancer researcher I saw it with my own eyes. Also let us build lots of planes and helicopters and bombs and go use them on people who live thousands of miles away. Also we need a huge airport on an island in the sea, and some superfast trains so that top civil servants and businessmen can zip around feeling like they are more important than the bureaucrats and toothpaste salesmen they actually are.

This is an excellent use of society's resources, is great for GDP, and is far better than letting the peasants manage their own money and time so they can buy homes, have children, and keep one parent at home like their own parents did.

Fantastic post!

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/british-nobel-prize-winner-christopher-pissarides-calls-for-slower-spending-cuts-tele-cb6fe2c4e641.html?x=0

.British Nobel Prize winner Christopher Pissarides calls for slower spending cuts
, 9:00, Tuesday 12 October 2010
Christopher Pissarides, the British-Cypriot who won the Nobel Prize for Economics, has called on the Government to make more 'gradual' spending cuts.
Professor Pissarides, 62, who specialises in the theories of labour markets and policies at the London School of Economics (LSE), said the current level of unemployment is "consistent" with the scale of the recession endured in the UK, but added that it is vital to get people back to work as soon as possible.
"The key idea really is they shouldn't allow unemployment to become entrenched," he said. "If you have been out of a job for more than a year, it's disastrous really - you don't have the incentive to get back to work."

What is the point in creating jobs when there is global oversupply, over capacity and a great need for the bubbles to deflate so that real jobs will then be needed.

<puts pedant hat on>

There is no Nobel prize in economics.

Share this post


Link to post
Share on other sites

<puts pedant hat on>

You didn't close that tag.

</puts pedant hat on>

<puts-pedant-hat-on><![CDATA[

There are several problems with what you just wrote, the end-tag should echo the name of the start tag and attributes in the element should have values, you can solve this by using dashes to unify the name of the element to give the same human readable result or by just correcting the XML structure.

<puts pedant="" hat="" on="">

You didn't close that tag.

</puts>

]]></puts-pedant-hat-on>

Edited by Della

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.