Some Practical Productivity!
“I have written that what makes an economy and wealth grow is productivity. Don't think of wealth as more money, as the government wants you too (because they can always just create more of that); think of it as standard of living. I have illustrated how productivity makes standard of living/wealth rise.
But notice the government's plan of fiscal stimulus directly opposes productivity. Its objective is to create as many jobs as possible. But the definition of productivity is to do as little work as possible for the most output. So the objective of creating a lot of jobs is by definition unproductive
Everyone wants jobs and it is unfortunate that the is in this state. But we are here because we have borrowed future standard of living, living beyond our means. We now have to pay it back. Creating unproductive jobs will merely forestall that process.” --Mr. Practical on Yesterday’s Buzz & Banter
I attempted to make a similar point (albeit less productively) regarding energy, in a comment on Environmental Capital's December 10 post "Green Jobs: Are They Just a Myth?":
Comment by - December 10, 2008 at 11:49 am