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I expect you have threshhold effects in the way demand reduction happens. I would think that a 20% reduction across workers is less disruptive than 20% of workers being laid off - there's a smaller chance that they will fall in arrears on mortgage payments, lose their house or other such irreversible things that tend to happen when people take a big hit.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Mar 4th, 2009 at 02:21:41 PM EST
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