Left Outside

Is it me?

I am unwilling to take complete responsibility for this, but it is a hell of a coincidence…

 

Just to remind everyone that while I am no spring chicken, pretty much all my friends and I have more or less no idea what economic growth feels like. Nada. Zip. Our entire working lives have been spent in a depression. That can’t be healthy, even for somebody like me who has spent the whole time employed.

In some ways I think it may be salutary. In J K Galbraith’s The Great Crash he argued that financial regulation wasn’t what kept American finance stable after the war, it was the psychic scars of the Great Depression. While our elitehave got off scot free, the little people will have learned a valuable lesson that you don’t have to be a bad person to suffer.

In many more ways, this is anything but salutary, Just reading The Great Crash is a much easier way to teach the same lesson. Likewise, us little people already suffer, it is the elite (politicos, journalists, financiers, central bankers) who need to have their face rubbed in their failure not us.

This post is really just meant to remind all the “grown ups” around here that young people (…and I ain’t as young as I was when I started this blog) don’t really know, in the lived experience way, what the hell you guys are talking about.

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Filed under: Economics

When NGDP is Depressed, Employment is Depressed

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