x
schencka
Is the unemployment rate high because...
those that can't get work didn't create much value even when they were employed?

http://www.foreignpolicy.com/articles/2011/01/05/10_percent_unemployment_forever


In essence, we have seen the rise of a large class of "zero marginal product workers," to coin a term. Their productivity may not be literally zero, but it is lower than the cost of training, employing, and insuring them. That is why labor is hurting but capital is doing fine; dumping these employees is tough for the workers themselves -- and arguably bad for society at large -- but it simply doesn't damage profits much. It's a cold, hard reality, and one that we will have to deal with, one way or another.

 
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