On Employment

Dickson Despommier on the Colbert report talks about vertical farming, and slips in a socialist factoid about reverting from mechanized farming to employing more people to do the same job, and hence no more homeless people (and not to forget, save fossil fuel). Mr. Despommier, news flash from econ 101: To alleviate poverty, we must aim at maximizing production, not employment.

With all the coverage that India gets today, one would think that people notice the over 600 million people suffering from abysmal productivity and learn from their errors. Apparently not.

Postscript: Economics in One Lesson is a gem of a book. An absolutely must read!

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