I work at a college; more students than ever are working while going to school. They have jobs, but need something else because they can't afford the life they had just three or four years ago.
It's really a weird time.
It's really a weird time.
There certainly are assets/markets out there that feel/seem over valued. While the globe is still reacting to the pandemic. Stuff was weird after 1918, too. I actually think the changes seen in 1918 were far greater than anything we’ve seen thus far. So maybe the modern economy is a little more stiff with waves (disruptions) taking much longer to cool. Thinking of all the supply chain messiness.
There's no economy when things do not sell, after all. Assets that do not sell or produce have no actual long term value, besides the power play of resource denial.
Conveniently located housing for people would sort of indirectly produce if the economy still was industrial. Or perhaps R&D based. It isn't, therefore it doesn't. So everything freezes and general populace are serfs, bound by unpayable debt instead of location.
Next step is actual serfdom contracts from corporations.
So yes, when capital as the aggregate of whatever asset gets hoarded away by few people there is inefficiency. An efficient market looks like every market participant (supply and demand side) having only that marginal amount of resource needed to make their marginal contribution towards the total output. It’s also in no market participants interest to run advertisements since they will sell all they produce and have enough resources to produce all that they can. Like producing construction nails or any other good or service that’s never graced an ad.
I have data!
So at our institution, for the 2019-2020 academic year (most recent relevant data for comparison due to covid changes/temporary layoffs), 23% of our incoming students indicated working at least 36 hours a week, and an additional 52% indicated working between 5 and 35 hours a week.
For the upcoming semester, 47% indicated they were working at least 36 hours a week, with an additional 30% indicating they worked 5 to 35 hours a week.