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May 04, 2012


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As was noted earlier (see http://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2012/04/if-productivity-hadnt-fallen.html comments), labour-hoarding may result both in a jobless recovery, for the reasons you outline, and continued poor productivity growth due to the lack of employee churn.

For more picking of the scab, see: http://fromarsetoelbow.blogspot.co.uk/2012/04/art-of-looking-busy.html

Edward Harkins

I do ponder on whether the whole ‘Austerity’ mantra, as part of the UK Conservative Coalition’s destructive Plan A, is even more doomed and self-defeating than we fear.

This is the first time in my (over 30s) lifetime that I have been aware of a prolonged period of recession and job loss being accompanied by a widespread and deepening seeking out by people of ways and means to prevail and survive on a-more-minimal-than-before basis. Austerity rules, man.

Is it possible we are about to experience profound and sustained changes in lifestyles and consumption patterns?

Will these changes, moreover, mean a departure from the previous regular experiences of bust or recession followed by the ‘inevitable’ cycle of recovery, complete with significant new job creation based on rising consumerism?

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