Sentences of the day

From both the macro evidence and this body of micro–economic work, a large consensus—right or wrong—has emerged:
It holds that modern economies need to constantly reallocate resources, including labor, from old to new products, from bad to good firms. At the same time, workers value security and insurance against major adverse professional events, job loss in particular. While there is a trade-off between efficiency and insurance, the experience of the successful European countries suggests it need not be very steep. What is important in essence is to protect workers, not jobs

— From this neat summary of the experience with unemployment in Europe over the last several decades (and the changing intellectual story-telling that went with those trends)

1 thought on “Sentences of the day”

  1. I see your sentences of the day and raise you this comment from Fark:

    “This illustrates the dire need for a Federal Department of Broken Windows, to ensure that there is always a booming window replacement industry. Think of the job creation opportunities.”

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