On Tue, 07 Feb 2012 20:39:22 -0800, George Plimpton
wrote:

On 2/7/2012 4:50 PM, Hawke wrote:
On 2/7/2012 1:57 PM, George Plimpton wrote:


What you fail to realize is that even if every single working
person in
America had a Ph.D there would still be loads of poor people. You seem
to think that there are enough high paying jobs so that if everyone
wanted to they could get one.

As is usually the case with economics illiterates, you are tripped
up by
committing the lump of labor fallacy. You believe, wrongly, that there
is only so much work to be done. In fact, the amount of work to be done
is limitless.

Is it now?

Yes.


How about the amount of available resources and the amount of
human beings?

Irrelevant; have nothing to do with how much work people would like to
have done.

How much work people would like to do and the amount of resources
available to them have a lot to do with each other.

There is always more work to be done than there are workers to do it;
not necessarily at wages that equate the supply and demand for labor.

Actually that isn't correct. If the work actually needs to get done
then wages do follow supply and demand.

If, for example, a new factory opens they will, in order to get
workers, have to pay a large enough salary to entice people to come to
work there. It is only when there is an over supply of workers that
the factories really squeeze the workers.




Much clipped
Cheers

John B.