At various times over the last 40 years I had hear or read that 5% unemployment was the best it could ever be. That it was unproductive (law of diminishing returns) to try for less that 5%. That 5% was unsustainable and even destabilize the economy. That 5% was the right balance of the employed and those with time to engage in more leisurely pursuits, like parenting. That <5% would mean everyone was working therefore no one was pursuing advanced education which meant society would become less educated.
Of course I didn't believe it. I reckoned these were the same people who decried space exploration because the money was actually leaving Earth.
At various times over the last 40 years I had hear or read that 5% unemployment was the best it could ever be. That it was unproductive (law of diminishing returns) to try for less that 5%. That 5% was unsustainable and even destabilize the economy. That 5% was the right balance of the employed and those with time to engage in more leisurely pursuits, like parenting. That <5% would mean everyone was working therefore no one was pursuing advanced education which meant society would become less educated.
ReplyDeleteOf course I didn't believe it. I reckoned these were the same people who decried space exploration because the money was actually leaving Earth.
Rick
:) Hadn't heard that.
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