Tuesday, March 11, 2008

Unemployment

The obvious benefit of prolonging education is to keep the unemployment rate down.

Contrary to the prediction of Thomas Malthus, in many civilized parts of the world, from James Watt to Google (I declare no conflict of interest - although I would love to have some), productivity has increased exponentially and exceeded the rate of population rise - at least for the moment.

And, we have longer life span - and therefore more time of nuisance to dispose. How ? Obviously by deferring the age of retirement.

If we have less work to do in a society, but existing workers stay in their post for a longer time, what would happen ? Young people cannot get the job - look at France. (If young people do, then more senile ones don't - that's our old friend: discrimination by age.)

What to do ? Ask the young ones to stay in school longer, of course !

And we say: "Young people should not have too much stress at school." "To improve your competitiveness, you'd better have a higher degree ..." What a good medicine with sugar coating.

Although medicine is always the synonym of poison.

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