Tuesday, April 08, 2008

"Excess" jobs

Brad DeLong mocks the easily mockable Lawrence Kudlow for claiming that having "excess" or "incorrect" jobs go away is good:
Yes -- Kudlow thinks recessions are good things as the job you just lost was an "excess." In fact, he is calling for economic policies that would make the recession worse:
Personally, I cannot square the concept of a bubble without the notion of "excess" jobs, or jobs that should never have been created in the first place.

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