Tyler Cowen weighs in by taking a shot at Dean Baker.
Is it just me or is all this piling on by the economists getting boring?
From Marginal Revolution:
Dean Baker says yes:The peanut gallery has some comments:
This is one where a baseball bat might be necessary. If you are concerned that a falling ratio of workers to retirees is going to make us poor then you are not concerned that excessive productivity growth will leave tens of millions without jobs. Let’s try that again. If you are concerned that a falling ratio of workers to retirees is going to make us poor then you are not concerned that excessive productivity growth will leave tens of millions without jobs.That is missing the point, as there is too much talk of “productivity growth” per se and not enough of either distribution or political economy. If robots concentrate wealth in the hands of IP owners, wages for many workers might fall or remain stagnant. That is a problem....MORE
It is possible for too much productivity growth to be a problem, if the gains are not broadly shared. It is also possible for too little productivity growth to be a problem as a growing population of retirees imposes increasing demands on the economy. But, it is not possible for both to simultaneously be problems.
December 28, 2012 at 8:25 am
Actually, it’s not missing the point, it is Tyler not reading the whole piece he is citing....MORE