I am actually surprised and disappointed that some of the smartest minds of our generation think that the best way to solve long term unemployment is to reduce the work week hours...
I am actually surprised and disappointed that some of the smartest minds of our generation think that the best way to solve long term unemployment is to reduce the work week hours...
I don't think it is a matter of the smartest minds of our generation trying to solve long term unemployment, but rather solving the problem of human effectiveness and happiness.
The idea is that we don't have to waste peoples lives on everlasting drudge work.
We've created this economic system collectively. We can change it. We have before. Around 1900 we were, on average, paying 40% of our wages for food and working a hell of a lot of hours to do it, mostly with farm work. Now we pay an average of 6% of our wages for food and work around 40 hours a week to do it.
It is better than it was and there is no reason it can't get better still.
There are people who will still work a lot -- I'm sure I'll be one of them, but we shouldn't really have to with how productive we are per capita and how truly cheap it is for people to live.
We are the ones who work a lot and make a good living with that. The problem is at the other end of the spectrum with people that are barely making ends meetm and need to work as much as possible to earn enough to feed their family and survive.
Piketty has the solution for the reduced wages at the bottom, with a tax on capital - just combine that with basic income and people don't have to worry about making a living.
I think we can expect plenty more insane proposals as our current Great Recession grinds on and on. Fortunately our system of government is more responsive to the people, and we've got all these Petri dishes of states and cities that are trying out some of these bad ideas for object lessons, like e.g. Seattle and Michigan with elevated minimum wages.
On the other hand Obamacare is pushing vast numbers of hourly workers into < 30 hours per week for any single job ... so, really, we're already starting to do this to people with lower paid jobs :-(....