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Neoclassical theology pretends that being poorer in the short run will make us richer in the long run, because (a) short-run unemployment has no long-run costs and (b) short-run unemployment will reduce wage demands, which raises long-run return to capital investment (remember point (a)), thus incentivising capital accumulation, which is the driver of long-run growth.
The central fallacy, of course, is the assumption that capitalists will produce in order to warehouse their goods. That works - sort of - in a barter economy. Not so much in an industrial one.
- Jake Friends come and go. Enemies accumulate.
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